Winton Announces Interim Results For FY25

21 February 2025

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 – INTERIM RESULTS FOR THE SIX MONTHS ENDED 31 DECEMBER 2024

Please find attached the following information relating to Winton Land Limited’s results for the six
months ended 31 December 2024:

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

(b) the Investor Presentation; and

(c) the Unaudited Interim Financial Statements and notes.

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

---

Level 2, 11 Westhaven Drive, Cracker Bay, Auckland 1010
P O Box 105526, Auckland 1143

MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
21 February 2025
WINTON ANNOUNCES INTERIM RESULTS FOR FY25
Winton (NZX: WIN / ASX: WTN) today announces its interim results for the six months ending 31
December 2024 (H1 FY25).
Revenue of $81.1 million decreased 5.3% compared to H1 FY24 revenue of $85.6 million. Revenue
for the period is attributed to 90 units settled, down 68 units from 158 in H1 FY24, a full six months
of trading at Ayrburn compared to one month in the prior period, and rent received.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) for H1 FY25 decreased to a
loss of $0.1 million from $14.2 million profit in H1 FY24, and there is a net loss after tax of $2.0
million in H1 FY25 compared to a $9.7 million net profit after tax in H1 FY24.
The decrease in profitability reflects the lower number of settlements, a $2.8 million investment
properties fair value loss in H1 FY25 compared to a $2.6 million gain in H1 FY24, a $3.6 million
increase in administrative expenses reflecting a full six months of administration expenses from the
establishment and operation of Ayrburn, $1.0 million higher depreciation and a $0.7 million decrease
in net interest income. This is offset by 10.1% lower selling expenses, mainly attributable to lower
marketing costs.
Chris Meehan, Chair and CEO of Winton said: “These results reflect the struggling economic
environment and a year of lower product delivery in Winton’s residential development timeline.
While the overall results aren’t what we would have liked, we have continued to operate with
discipline, nurtured growth parts of the business in line with the revenue diversification strategy and
avoided taking on significant new projects to protect the Company from undue risk until we see clear
evidence that the cycle is turning. We are navigating the recession as well as possible but most
importantly, we are positioning the Company optimally to benefit from an improving property cycle.”
Winton finished the six-month period with a pre-sale book of $342.0 million as at 31 December 2024,
a landbank yield of c6,000 units, including 877 retirement living units and cash holdings of $26.1
million.
Despite the financial result, Winton has continued to deliver against its strategy of diversifying
revenue. It completed the renovation and refurbishment of the waterfront Cracker Bay office
building, the last of the council approvals were received for the wider Cracker Bay and Northbrook
Wynyard Quarter precinct, including hospitality and variations submitted for Northbrook Wynyard
Quarter resource consent and it opened The Bakehouse and R.M. Prime Produce at Ayrburn.
At Northbrook, Stage 1 Northbrook Wānaka continued at pace and in line with the project timeline in
anticipation of residents moving in during May this year (2025). Despite strong pre-sales, the hard
but right decision was made to push out the Northbrook Wynyard Quarter project by c.12 months to
allow time for construction costs and interest costs to moderate over the next year, which will

2
positively impact this project. This decision enables us to focus on Northbrook Wānaka and
Northbrook Arrowtown and accelerate those projects where possible.
Winton also completed some significant residential projects including Jimmy’s Point at Launch Bay
Hobsonville Point, ALTA Villas and Stage 17 at Northlake Wānaka and Stage 3 at Lakeside Te
Kauwhata.
Winton’s Sunfield project was one of the initial listed projects under part 2A of the Fast-track
Approvals Act 2024 and it has recently submitted its detailed application. Winton will work with the
Ministry for the Environment over the coming months to progress the application.
In November 2024, Winton entered into a new borrowing facility secured against its recently
completed office building and marina complex at Cracker Bay. The facility limit is $18.3m including
accrued interest with a term of 12 months and the ability to extend for a further 2 years. The balance
of this facility at 31 December 2024 was $7.0m.
In February 2025, Winton entered into a new borrowing in respect of its Sunfield project. The facility
limit is $22.5m including accrued interest with a term of 18 months. Winton has no recourse debt at
group level and all other properties (except Lakeside) across the group remain unencumbered.
As at FY24 results, the Board paused paying a dividend to maintain financial discipline through softer
market conditions while enabling Winton to continue executing its growth plans, which remains the
Board’s view for H1 FY25.
Chris Meehan concludes: “The economic downturn is more severe than expected and has continued
for longer. A change in government was anticipated to be a catalyst to get the economy moving again
and out of recession, however, it is taking more time than was generally expected.
We remain cautious and believe New Zealand isn’t yet at the bottom of the construction cycle. While
interest rates have decreased, that is only one part of the economic levers stifling the economy.
Unemployment continues to increase, and we maintain our view that the property market is unlikely
to substantially turn around until after unemployment has peaked.
While it will continue to remain challenging, we are confident in Winton’s financial position and
strategy to weather the continued weakness in the economy and come out the other side very well
positioned for the future.”
Winton’s Interim Report is also released today with the Company’s H1 FY25 results. Winton’s Interim
Report and all future financial reports will be publicly available on our website
Investor Centre -
Winton Land Limited.
Ends.
For investor or analyst queries, please contact:
Jean McMahon, CFO
+64 9 869 2271
investors@winton.nz


For media queries, please contact:
Sonya Fynmore
+64 21 404 206
sonya.fynmore@winton.nz

3

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

---

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 (WIN)
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency
Amount (000s) Percentage change
Revenue from continuing
operations
$81,061 -5%
Total Revenue $81,061 -5%
Net profit/(loss) from
continuing operations
($2,001) -121%
Total net profit/(loss) ($2,001) -121%
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 $1.73
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
The announcement is extracted from Winton’s unaudited
financial statements as at and for the six months ended 31
December 2024. A copy of these unaudited financial statements
is attached to this announcement.
Authority for this announcement
Name of person

authorised
to make this announcement
Jean McMahon
Contact person for this
announcement
Jean McMahon
Contact phone number +64 9 377 7003
Contact email address
j
ean.mcmahon@winton.nz
Date of release through MAP

21 February 2025

Unaudited financial statements accompany this announcement.

---

winton.nz
INTERIM FINANCIAL
STATEMENTS
31 DECEMBER 2024

INTERIM FINANCIAL STATEMENTS FY25
Letter from CEO and Chair
Financial Commentary
Residential
Retirement – Northbrook
Commercial – Cracker Bay
Commercial – Ayrburn
Financial Statements
Directory
02
06
08
10
12
14
17
Contents
FC Jimmy’s Point,
Launch Bay,
Hobsonville Point
01 The Bakehouse,
Ayrburn
35

INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 01

D
ear Fellow Shareholders,

As you will likely know, property
development is cyclical, and New Zealand
currently remains at the bottom of
the property cycle. Winton’s interim
results for the six months ending 31
December 2024 reflect the struggling
economic environment and a year of
lower product delivery in Winton’s
residential development timeline. While
the overall results aren’t what we would
have liked, we have continued to operate
with discipline, nurtured growth parts
of the business in line with the revenue
diversification strategy and avoided
taking on significant new projects to
protect the Company from undue risk
until we see clear evidence that the
cycle is turning. We are navigating the
recession as well as possible but most
importantly, we are positioning the
Company optimally to benefit from an
improving property cycle.
Revenue for the first-half of FY25 (H1
FY25) was $81.1 million, a 5.3% decrease
compared to H1 FY24 revenue of $85.6
million. Revenue for the period is attributed
to 90 units settled, down 68 units from
158 in H1 FY24, a full six months of trading
at Ayrburn compared to one month in the
prior period, and rent received.
The product mix for H1 FY25 meant the
average revenue per unit and average
cost of sales per unit were both higher.
Cost of sales for H1 FY25 was $57.5
million, an increase of 0.9% from $57.0
million in H1 FY24.
Earnings before interest, tax, depreciation,
and amortisation (EBITDA) for H1 FY25
decreased to a loss of $0.1 million from
$14.2 million profit in H1 FY24, and there
is a net loss after tax of $2.0 million in
H1 FY25 compared to a $9.7 million net
profit after tax in H1 FY24.
The decrease in profitability is
attributable to the lower number of
settlements, a $2.8 million investment
properties fair value loss in H1 FY25
compared to a $2.6 million gain in
H1 FY24, a $3.6 million increase in
administrative expenses reflecting a full
six months of administration expenses
from the establishment and operation of
Ayrburn, $1.0 million higher depreciation
and a $0.7 million decrease in net interest
income. This is offset by 10.1% lower
selling expenses, mainly attributable to
lower marketing costs.
Winton finished the six-month period
with a pre-sale book of $342.0 million

as at 31 December 2024, a landbank
yield of c6,000 units, including 877
retirement living units and cash holdings
of $26.1 million.
In November 2024, Winton entered into

a new borrowing facility secured against
its recently completed office building

and marina complex at Cracker Bay.
The facility limit is $18.3 million including
accrued interest with a term of 12 months
and the ability to extend for a further

2 years. The balance of this facility at
31 December 2024 was $7.0 million.
In February 2025, Winton entered into a
new borrowing in respect of its Sunfield
project. The facility limit is $22.5 million
including accrued interest with a term of
18 months. Winton has no recourse debt
at group level and all other properties
(except Lakeside) across the group
remain unencumbered.
Letter from CEO and Chair
Chris Meehan
02
02 Chris Meehan,
Chief Executive Officer
03 Northbrook Wānaka
INTERIM FINANCIAL STATEMENTS FY2502 | WINTON LAND LIMITED

03
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 03

T
he Fast-track Approvals Act
2024 became law in December,
with Winton’s Sunfield project as
one of the initial listed projects under
part 2A of the Act. In February, Winton
submitted its detailed application for
the Sunfield project under the Fast-track
Approvals Act 2024 and looks forward
to progressing the application with the
Ministry for the Environment over the
coming months.
As I have already commented, the
business is making hard decisions to
play the cycle as well as possible. In
December, despite strong pre-sales, we
determined pushing out the Northbrook
Wynyard Quarter project by c12 months
was the right call to make. Northbrook
Wynyard Quarter is a big project for us,
so we are playing a prudent game and
want to get the timing in the cycle right.
We believe there is further opportunity
for construction costs and interest
costs to moderate over the next year,
which will flow into the property market
and positively impact this project.
This decision enables us to focus on
Northbrook Wānaka and Northbrook
Arrowtown and accelerate those projects
where possible.
Dividend
As at FY24 results, the Board paused
paying a dividend to maintain financial
discipline through softer market
conditions while enabling Winton to
continue executing its growth plans, which
remains the Board’s view for H1 FY25.
05
04
Letter from CEO and Chair
INTERIM FINANCIAL STATEMENTS FY2504 | WINTON LAND LIMITED

Market and Outlook
T
he economic downturn is more
severe than expected and has
continued for longer. A change
in government was anticipated to be a
catalyst to get the economy moving again
and out of recession, however, it is taking
more time than was generally expected.
We remain cautious and believe New
Zealand isn’t yet at the bottom of the
construction cycle. While interest rates
have decreased, that is only one part
of the economic levers stifling the
economy. Unemployment continues
to increase, and we maintain our view
that the property market is unlikely
to substantially turn around until after
unemployment has peaked.
While it will continue to remain
challenging, we are confident in Winton’s
financial position and strategy to weather
the continued weakness in the economy
and come out the other side very well
positioned for the future. Thank you,
Winton’s shareholders, for your support
through this part of the cycle.
Chris Meehan
Chair and Chief Executive Officer
04 Ayrburn,
Arrowtown
05 Jimmy’s Point,
Launch Bay,
Hobsonville Point
06 The Bakehouse,
Ayrburn
06
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 05

I
n the 6 months to 31 December 2024,
Winton has delivered revenue of $81.1
million, 5.3% down from $85.6 million
in H1 FY24. A total of 90 units were
settled, a decrease of 68 units. Cost of
sales of $57.5 million is slightly higher
than H1 FY24 by $0.5 million. This is
a result of the 18.1% increase in built
product settled by volume in H1 FY25
which has a higher revenue and cost per
unit than land lot sales.
Commercial revenue increased by
$7.7 million in H1 FY25 due to Ayrburn
contributing 6 months of trading
compared to the previous period when
it was only open for 1 month. A fair value
loss of $2.8 million results from the
revaluation of commercial assets and
retirement land within the investment
properties portfolio. This compares to

a gain of $2.6 million in H1 FY24.
Administrative expenses increased by
$3.6 million in H1 FY25. This was mostly
due to an increase in employee benefits
expense by $4.5 million with Ayrburn
trading for an additional five months
offset by a decrease in establishment
costs of $2.4 million. Establishment
costs are those costs incurred in
relation to the pre-opening of Ayrburn
venues, and these include branding,
marketing, recruitment, and employee
training. The remainder of the increase
in Administrative expenses is due to the
growth of Winton’s operations.
Net interest income was $0.7 million
lower due to a decrease in average
cash reserves.
The resultant net loss after tax in H1
FY25 is $2.0 million, a reduction from
$9.7 million net profit after tax in the
prior period.
An increase in investment properties
of $44.1 million represents progress at
Northbrook Wānaka and Northbrook
Wynyard Quarter.
Winton entered into a $18.3 million
debt facility secured against the
completed office building and marina
complex at Cracker Bay. The facility
has a term of 12 months, with the ability
to extend for a further 2 years. The
balance of this facility at 31 December
2024 was $7.0 million.
In February 2025, Winton entered into

a new borrowing facility in respect of
its Sunfield project. The facility limit is
$22.5 million including accrued interest
with a term of 18 months. Winton has
no recourse debt at group level and all
other properties (excluding Lakeside)
across the group remain unencumbered.
We enter the second half of FY25 with
$26.1 million in cash reserves.
Financial Commentary
07 Lakeside,
Te Kauwhata
07
INTERIM FINANCIAL STATEMENTS FY2506 | WINTON LAND LIMITED

INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 07

Residential
R
esidential development
encompasses Winton’s traditional
land and property development
business. Revenue for H1 FY25 is $70.6
million reflecting 90 settlements across
some significant projects including
Jimmy’s Point Launch Bay, Lakeside Stage
3, Northlake Stage 17 and the Northlake
Townhouses. EBITDA is $6.6 million
and net profit after tax of $6.2 million.
The product mix for H1 FY25 meant the
average revenue per unit and average
cost of sales per unit were both higher.
Jimmy’s Point is 30 high-end waterfront
apartments within Winton’s Launch Bay
neighbourhood at Hobsonville Point.

They were completed in September
2024 to an excellent standard, and the
buyers’ feedback is outstanding. It has
been fantastic seeing residents create a
community within Jimmy’s Point and be
so happy with their new homes. Jimmy’s
Point is Winton’s last residential project
at Launch Bay.
At Northlake, the townhouses, known as
the ALTA Villas, were completed during
H1 FY25. Of the 20 Villas, 18 settled
during the period, and the remaining
two will settle in H2 FY25. The ALTA
Villas are a high-quality addition to
Northlake, and it has been great to see
the new owners join and make the most
of this thriving community.
Stage 17 at Northlake is known as The
Preserve and is a premium land offering
both in size and location. Titles for the
last substage, Stage 17a, were granted
in November 2024 with only a handful
of land lots remaining unsold across
Stage 17.
At Lakeside Te Kauwhata, delivery
continued at pace during H1 FY25,
with 39 lots in Stage 3 completed and
settled. The last 112 lots in Stage 3 have
since been completed and will settle in
the coming weeks.
08 ALTA Villas,
Northlake
09 Northlake,
Wānaka
08
INTERIM FINANCIAL STATEMENTS FY2508 | WINTON LAND LIMITED

09
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 09

F
or most of H1 FY25,
Northbrook Arrowtown,
Northbrook Wa
-
naka and
Northbrook Wynyard Quarter were
the focus.
At Northbrook Wa
-
naka, the
construction of Stage 1 has
progressed at pace and is on target
for our first residents to move in
during May 2025. Stage 1 includes
32 luxurious residences, most of
which are located along the recently
named Ten Acre Drive within
Winton
’
s Northlake neighbourhood.
At the recent site open day of Stage
1, over 30 groups attended, with
many attendees acknowledging the
superior standard of Northbrook.
The central Wellness facility is also
underway and is expected to be
completed by November 2025.
At Northbrook Arrowtown, the
sales team is pleased with the
level of visitors to the Display
Suite. Building consent for the
first two buildings
forming part of
Stage 1 has been lodged and once
obtained, procurement of this
stage will continue.
As mentioned earlier, despite
strong pre-sales, the construction
of Northbrook Wynyard Quarter
has been pushed out for 12 months.
Winton remains committed to this
high-quality project in downtown
Auckland and will complete
current preparation work, including
the piling works, and building
consenting over the 12-month
period. Detailed design will
continue in parallel during 2025.
During H1 FY25, Christchurch City
Council made decisions on Plan
Change 14, increasing the permitted
height from 14 metres to 22 metres.
This unlocks opportunities for greater
efficiencies for the Northbrook
Avon Loop site. Therefore, we are
reviewing the most desirable layout
for Northbrook Avon Loop to ensure
an optimal outcome for the project.
Work has continued on the layout
and design for Stage 1 at Northbrook
Launch Bay within Winton
’
s Launch
Bay neighbourhood at Hobsonville
Point.
We are excited about the quality of
the product being delivered and the
team looks forward to welcoming
the first Northbrook residents in
May 2025.
10 Northbrook Wānaka
11 Northbrook Arrowtown
12 Northbrook Wānaka
10
Retirement
INTERIM FINANCIAL STATEMENTS FY2510 | WINTON LAND LIMITED

11
12
Artist impression
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 11

Commercial
Commercial includes Winton’s investment properties at Lakeside and
Cracker Bay and the operating businesses at Ayrburn and Cracker Bay.
Commercial revenue for H1 FY25 was $10.4 million, EBITDA ($3.0 million)
and reported a net loss after tax of $4.7 million.
INTERIM FINANCIAL STATEMENTS FY2512 | WINTON LAND LIMITED

13
T
he renovation and
refurbishment of the Cracker
Bay office building is now
complete. It offers premium waterfront
facilities for tenants across four levels.
In addition, the last of the council
approvals were received for the wider
Cracker Bay and Northbrook Wynyard
Quarter precinct, including for hospitality
and variations submitted for Northbrook
Wynyard Quarter resource consent.
13 Cracker Bay,
Wynyard Quarter
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 13

14
14 The Bakehouse,
Ayrburn
15 R.M. Prime Produce,
Ayrburn
P
ositive momentum continues at
Ayrburn as a multi-venue hospitality
and tourism destination. During H1
FY25, Ayrburn had a full six months of
trading and in December we opened

The Bakehouse and R.M. Prime Produce.
In June 2024, experienced industry
leader Kieran Turnbull joined the
Ayrburn team as General Manager,
bringing experience, knowledge and
leadership to the relatively new team.
Ayrburn has continued to refine and
improve internal systems, including the
technology suite across the reservation,
point of sale, and reporting platforms,
resulting in a more cohesive approach
across multiple venues and enabling
faster decision-making to maximise
utilisation of capacity and demand. The
Ayrburn team has improved operating
efficiency and reduced overheads,
which will be more visible in the second
half of this financial year.
The opening of The Bakehouse
unlocked further opportunities for
larger events while still being able
to serve non-event visitors and has
created further momentum, particularly
for weddings in 2025 and 2026. During
H1 FY25, Ayrburn hosted a number of
significant successful events including
the well-loved Christmas Wonderland
in July and the Wonderland Ball. In H2
FY25, Ayrburn will host various music
events and its first festival of motoring,
the Ayrburn Classic, in March.
Commercial
INTERIM FINANCIAL STATEMENTS FY2514 | WINTON LAND LIMITED

15
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 15

16 The Manure Room,
Ayrburn
INTERIM FINANCIAL STATEMENTS FY2516 | WINTON LAND LIMITED

INTERIM
FINANCIAL STATEMENTS
FOR THE SIX MONTHS
ENDED 31 DECEMBER 2024
INTERIM FINANCIAL STATEMENTS FY25

Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2024
ALL VALUES IN $000'SNOTE
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
Revenue2 81,061 85,621
Cost of sales (57, 5 17 ) (57,0 03)
Gross profit 23,544 28,618
Loss on sale of property, plant and equipment (4 45) (200)
Fair value (loss) / gain on investment properties (2,794) 2,591
Selling expenses (2,704) (3,008)
Property expenses (1,107) (797)
Administrative expenses10.1 (15,934) (12,371)
Share-based payment expense
(616) (655)
Earnings before interest, taxation, depreciation and amortisation (EBITDA) (56) 14,178
Amortisation (283) (283)
Depreciation (1,946) (902)
Earnings before interest and taxation (EBIT) (2,285) 12,993
Interest income 1,015 2,300
Interest expense and bank fees (1,152) (1,735)
(Loss) / Profit before income tax (2,422) 13,558
Income tax benefit / (expense)
Current taxation10.2 (538) (3,447)
Deferred taxation10.2 959 (382)
Total income tax benefit / (expense) 421 (3,829)
(Loss) / Profit after income tax (2,001) 9,729
Items that may be reclassified to profit or loss:
Movement in currency translation reserve 9 (17)
Total comprehensive income after income tax attributable

to the shareholders of the Company


(1,992)


9,712
Basic earnings per share (cents)9.1 (0.67) 3.28
Diluted earnings per share (cents)9.2 (0.65) 3.16
The accompanying notes form part of these interim financial statements.
INTERIM FINANCIAL STATEMENTS FY2518 | WINTON LAND LIMITED

Consolidated Statement of Changes in Equity
For the six months ended 31 December 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 30 June 2023 (audited) 386,595 121,702 2,338 (221) 510,414
Total comprehensive income - 9,729 - (17) 9,712
Dividends to shareholders10.3 - (6,407) - - (6,407)
Share-based payment expense - - 758 - 758
Balance as at 31 December 2023 (unaudited) 386,595 125,024 3,096 (238) 514,477

Balance as at 30 June 2024 (audited) 386,595 129,410 3,750 (206) 519,549
Total comprehensive income - (2,001) - 9 (1,992)
Share-based payment expense - - 712 - 712
Balance as at 31 December 2024 (unaudited) 386,595 127, 4 0 9 4,462 (197) 518,269
The accompanying notes form part of these interim financial statements.
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 19

ALL VALUES IN $000'SNOTE
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
CURRENT ASSETS
Cash and cash equivalents 26,134 41,689
Accounts receivable, prepayments and other receivables10.4 6,162 5,849
Inventories4 59,925 79,053
Total current assets 92,221 126,591
NON-CURRENT ASSETS
Inventories4 158,864 168,200
Investment properties5 321,579 277,440
Property, plant and equipment6 88,872 79,839
Intangible assets7 1,739 1,993
Total non-current assets 571,054 527,472
Total assets 663,275 654,063
CURRENT LIABILITIES
Accounts payable, accruals and other payables10.5 21,591 24,187
Current lease liabilities10.6 34 33
Taxation payable 5,328 5,794
Total current liabilities 26,953 30,014
NON-CURRENT LIABILITIES
Borrowings8 78,576 64,046
Non-current lease liabilities10.6 20,320 20,338
Deferred tax liabilities10.2 19,157 20,116
Total non-current liabilities 118,053 104,500
Total liabilities 145,006 134,514
Net assets 518,269 519,549
EQUITY
Share capital10.3 386,595 386,595
Foreign currency translation reserve (197) (206)
Share-based payment reserve 4,462 3,750
Retained earnings 127,409 129,410
Total equity 518,269 519,549
These interim financial statements are signed on behalf of Winton Land Limited and were authorised for issue on 21 February 2025.
The accompanying notes form part of these interim financial statements.
Chris Meehan
Chair
Steven Joyce

Chair, Audit and Financial Risk Committee
Consolidated Statement of Financial Position
As at 31 December 2024
INTERIM FINANCIAL STATEMENTS FY2520 | WINTON LAND LIMITED

ALL VALUES IN $000'SNOTE
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 81,130 85,264
Interest received 1,015 2,300
Net GST received / (paid) 458 (11,007)
Payments to suppliers and employees (46,826) (47,122)
Deposits paid on contracts for land (5,400) (5,400)
Interest and other finance costs paid (2,305) (1,378)
Income tax paid (1,004) (5,233)
Net cash flows from operating activities 27,068 17,424
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 60 10
Intangible assets acquired (29) -
Payments to suppliers and employees for investment properties (44,706) (25,773)
Acquisition of property, plant and equipment (11,484) (24,421)
Net cash flows from investing activities (56,159) (50,184)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from MMLIC facility 18,147 63,315
Repayment of MMLIC facility
(10,389) -
Proceeds from MCCB facility 6,772 -
Payment of principal portion of lease liabilities (994) (1,166)
Payment of dividends10.3 - (6,407)
Net cash flows from financing activities 13,536 55,742
Net increase in cash and cash equivalents (15,555) 22,982
Cash and cash equivalents at beginning of year 41,689 76,310
Cash and cash equivalents at end of year 26,134 99,292
The accompanying notes form part of these interim financial statements.
Consolidated Statement of Cash Flows
For the six months ended 31 December 2024
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 21

1. General Information
This section sets out the basis upon which the Group’s Interim Financial Statements are prepared.
1.1. Reporting entity
These unaudited consolidated interim condensed financial statements (the interim 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 interim 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 interim financial statements have been prepared in accordance with New Zealand Generally Accepted Accounting Practice
(NZ GAAP). They comply with NZ IAS 34 ‘Interim Financial Reporting’ and IAS 34 ‘Interim Financial Reporting’. For the purposes
of complying with NZ GAAP the Group is a for-profit entity.
These interim financial statements have been prepared on the historical cost basis except where otherwise identified. All financial
information is presented in New Zealand dollars and has been rounded to the nearest thousand.
These interim financial statements should be read in conjunction with the Annual Financial Statements for the year ended 30 June
2024 which may be downloaded from the Company’s website (https://www.winton.nz).
To ensure consistency with the current period, comparative figures have been amended to conform with the current period
presentation where appropriate.
1.3. Critical judgements, estimates and assumptions
In applying the Group’s accounting policies, the Board and Management continually evaluates judgements, estimates and
assumptions that may have an impact on the Group. The significant judgements, estimates and assumptions made in the
preparation of these financial statements were the same as those applied to the consolidated financial statements as at and for
the year ended 30 June 2024.
1.4. Accounting policies
The accounting policies adopted are the same as those applied by the Group in its consolidated financial statements as at and for
the year ended 30 June 2024.
1.5. Significant events and transactions
The financial position and performance of the Group was affected by the following events and transactions that occurred during
the reporting period:
Borrowings
On 18 November 2024, Cracker Bay Holdings Limited (a 100% subsidiary company of the Company) entered into a debt facility
with MC Cracker Bay Pty Limited (MCCB, a 100% subsidiary company of Regal Partners Limited) for $18,340,646. Refer to note 8
for further details.
2. Revenue
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
UNAUDITED

31 DECEMBER 2023
Sales revenue 79,209 83,487
Rent 1,719
1,764
Other income 133 370
Total revenue 81,061 85,621
Notes to the Interim Financial Statements
For the six months ended 31 December 2024
INTERIM FINANCIAL STATEMENTS FY2522 | WINTON LAND LIMITED

3. 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.
(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'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER
2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER
2023
Revenue
Residential development 70,634 82,922
Retirement villages 23 -
Commercial portfolio 10,404 2,699
Group 81,061 85,621
Earnings before interest, taxation, depreciation and amortisation (EBITDA)
Residential development 6,615 17,787
Retirement villages (1,513) -
Commercial portfolio (3,044) (1,861)
Unallocated (2,114) (1,748)
Group (56) 14,178
Earnings before interest and taxation (EBIT)
Residential development 6,231 17,362
Retirement villages (1,666) (98)
Commercial portfolio (4,736) (2,523)
Unallocated (2,114) (1,748)
Group (2,285) 12,993
Notes to the Interim Financial Statements
For the six months ended 31 December 2024
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 23

3. Segment Reporting (Continued)
(ii) Information about reportable segments (Continued)
The retirement villages and commercial portfolio segments are start-up operations.
The following is an analysis of the Group’s segments:
UNAUDITED 31 December 2024
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets and liabilities
Inventories 215,249 - 3,540 - 218,789
Investment Properties - 249,033 72,546 - 321,579
Property, plant and equipment 702 7,863 75,961 4,346 88,872
Other assets 2,672 727 3,591 27,045 34,035
Total assets 218,623 257,623 155,638 31,391 663,275
Total liabilities 102,619 8,564 31,749 2,074 145,006
Net assets 116,004 249,059 123,889 29,317 518,269
AUDITED 30 June 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
4. Inventories
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
Expected to settle within one year 59,925 79,053
Expected to settle greater than one year 158,864 168,200
Total inventories 218,789 247,253
Notes to the Interim Financial Statements
For the six months ended 31 December 2024
INTERIM FINANCIAL STATEMENTS FY2524 | WINTON LAND LIMITED

Notes to the Interim Financial Statements
For the six months ended 31 December 2024
5. Investment properties
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER
2024
AUDITED

30 JUNE
2024
Opening balance 277,440 207,517
Acquisitions - 716
Right-of-use asset reassessment - 10,549
Unrealised fair value loss (2,794) (1,718)
Disposals - (170)
Capital expenditure 46,933 60,546
Total investment properties 321,579 277,440
Less: lease liability (20,354) (20,371)
Total investment properties excluding NZ IFRS 16 lease adjustments 301,225 257,069
One investment property could not be reliably measured as at 31 December 2024 due to the current stage of development of the
property. Therefore it is held at cost at 31 December 2024.
As the fair value of investment property is determined using inputs that are unobservable, the Group has categorised investment
property as level 3 under the fair value hierarchy in accordance with NZ IFRS 13 ‘Fair Value Measurement’.
The significant unobservable input used in the fair value measurement of the Group’s development land is the value per m2
assumption. Increases in the value per m2 rate result in corresponding increases in the total valuation and decreases in the value
per m2 rate result in corresponding decreases in the total valuation.
The significant unobservable input used in the fair value measurement of the Group’s completed land and buildings is the
capitalisation rate applied to earnings. A significant decrease/(increase) in the capitalisation rate would result in significantly
higher/(lower) fair value measurement.
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 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 (audited) 33,902 37,106 9,852 1,960 1,641 84,461
Additions 10,303 274 853 126 109 11,665
Transfers (11,182) 11,182 - - - -
Disposals - (1) (1,073) (89) (88) (1,251)
As at 31 December 2024 (unaudited) 33,023 48,561 9,632 1,997 1,662 94,875
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 25

Notes to the Interim Financial Statements
For the six months ended 31 December 2024
6. Property, plant and equipment (Continued)
ALL VALUES IN $000'S
WORK IN
PROGRESSBUILDINGS
FURNITURE,
FIXTURES
AND FITTINGS
MOTOR
VEHICLES
PLANT AND
EQUIPMENTTOTAL
ACCUMULATED DEPRECIATION
As at 1 July 2023 - 429 839 308 453 2,029
Depreciation - 1,415 717 210 282 2,624
Disposals - - (8) - (23) (31)
As at 30 June 2024 (audited) - 1,844 1,548 518 712 4,622
Depreciation - 1,116 567 131 132 1,946
Disposals - (1) (454) (36) (74) (565)
As at 31 December 2024 (unaudited) - 2,959 1,661 613 770 6,003
NET BOOK VALUE
As at 30 June 2024 (audited) 33,902 35,262 8,304 1,442 929 79,839
As at 31 December 2024 (unaudited) 33,023 45,602 7,971 1,384 892 88,872
Also included in buildings category is buildings fitout.
7. Intangible assets
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
Opening balance 1,993 2,479
Acquisitions
29 81
Amortisation (283) (567)
Total intangible assets 1,739 1,993
INTERIM FINANCIAL STATEMENTS FY2526 | WINTON LAND LIMITED

8. Borrowings
(i) Net borrowings
ALL VALUES IN $000’S
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
MMLIC facility drawn down 72,418 64,763
MCCB facility drawn down 7,018 -
Unamortised borrowings establishment costs (860) (717)
Net borrowings 78,576 64,046
Weighted average interest rate of drawn debt (inclusive of margins and line fees)9.91%10.35%
Weighted average term to maturity (years) 2.8 3.5
On 18 November 2024, Cracker Bay Holdings Limited (CBH, a 100% subsidiary company of the Company) entered into a debt
facility with MCCB for $18,341,000. The facility expires 18 November 2025 with an option to extend for a further two years.

The MCCB facility is secured by way of a general security deed provided by CBH and a registered mortgage security across the
Cracker Bay property.
On 14 December 2023, Lakeside Developments 2017 Limited (LDL, a 100% subsidiary company of the Company) entered into a
debt facility with Massachusetts Mutual Life Insurance Company (MMLIC) for $80,000,000. The facility expires 14 December 2027.
The MMLIC facility is secured by way of a general security deed provided by LDL and a registered mortgage security across the
Lakeside development property.
9. Investor returns and investment metrics
This section summarises the earnings per share which is a common investment metric.
9.1. Basic earnings per share
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
(Loss) / Profit after income tax ($000s) (2,001) 9,729
Weighted average number of ordinary shares (shares) 296,613,736 296,613,736
Basic (loss) / earnings per share (cents) (0.67) 3.28
9.2. 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 10,598,114 share options
(31 December 2023: 10,830,926) issued under the Group’s Share Option Plan as at 31 December less share options forfeited.

This adjustment has been calculated using the treasury share method.
UNAUDITED
6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
(Loss) / Profit after income tax ($000s) (2,001) 9,729
Weighted average number of ordinary shares (shares) 307,543,025 307,444,662
Diluted (loss) / earnings per share (cents) (0.65) 3.16
Notes to the Interim Financial Statements
For the six months ended 31 December 2024
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 27

10. Other
10.1. Administrative expenses
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
Auditors remuneration:
Audit and review financial statements (127) (116)
Directors' fees (231) (217)
Employee benefits expense (10,084) (5,607)
Legal expense (1,446) (1,252)
Operating lease and rental payments (374) (119)
Establishment costs (189) (2,539)
Other expenses (3,483) (2,521)
Total administrative expenses (15,934) (12,371)
10.2. Taxation
(i) Current taxation
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
Profit before income tax (2,422) 13,558
Prima facie income tax calculated at 28% 678 (3,796)
Adjusted for:
Prior period adjustment 131 75
Non-tax deductible revenue and expenses (235) (39)
Movement in temporary differences (1,113) 355
Difference in tax rates 1 (42)
Current taxation expense (538) (3,447)
Notes to the Interim Financial Statements
For the six months ended 31 December 2024
INTERIM FINANCIAL STATEMENTS FY2528 | WINTON LAND LIMITED

Notes to the Interim Financial Statements
For the six months ended 31 December 2024
10. Other (Continued)
10.2. Taxation (Continued)
(ii) Deferred taxation
ALL VALUES IN $000'S
AUDITED

30 JUNE 2024
AS AT
UNAUDITED
6 MONTHS ENDED

31 DECEMBER 2024
UNAUDITED
31 DECEMBER 2024

AS AT
Deferred tax assets
Employee benefits 467 103 570
Accounts payable, accruals and other payables 335 (204) 131
Lease liability 5,704 (5) 5,699
Share-based payment reserve 928 172 1,100
Gross deferred tax assets 7,434 66 7,500
Deferred tax liabilities
Accounts receivable, prepayments and other receivables 42 3 45
Right-of-use asset 6,173 - 6,173
Inventories 12,247 (500) 11,747
Intangible asset 501 (79) 422
Property, plant and equipment 2,923 43 2,966
Investment properties 5,664 (360) 5,304
Gross deferred tax liabilities 27,550 (893) 26,657
Net deferred tax liability (20,116) 959 (19,157)
Deferred taxation expense for the six months ended 31 December 2023 was $382,000.
10.3. Equity
(i) Capital and Reserves
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
SHARES
'000S
UNAUDITED

31 DECEMBER 2024
$000'S
AUDITED

30 JUNE 2024
SHARES
'000S
AUDITED

30 JUNE 2024
$000'S
Total shares issued and outstanding 296,614 386,595 296,614 386,595
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.
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 29

Notes to the Interim Financial Statements
For the six months ended 31 December 2024
10. Other (Continued)
10.3. Equity (Continued)
(ii) Dividends
The following dividends were declared and paid by the Company during the six months ended 31 December:
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
2.1600 cents per qualifying ordinary share – 12/09/2023 - (6,407)
Total dividends - (6,407)
10.4. Accounts receivable, prepayments and other receivables
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
Accounts receivable 288 261
Prepayments and other receivables 5,874 5,588
Total accounts receivable, prepayments and other receivables
6,162 5,849
As at 31 December 2024, prepayments and other receivables includes retention monies held in accordance with the Construction
Contracts Act of $2,232,000 (30 June 2024: $3,040,000).
10.5. Accounts payable, accruals and other payables
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
Accounts payable 14,170 15,249
Accruals and other payables in respect of inventories 3,102 3,888
Accruals and other payables
4,319 5,050
Total accounts payable, accruals and other payables 21,591 24,187
10.6. Lease liabilities
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
Opening balance 20,371 11,021
Lease liability reassessment - 10,549
Lease liability interest expense 977 1,133
Rent paid (994) (2,332)
Total lease liabilities 20,354 20,371
INTERIM FINANCIAL STATEMENTS FY2530 | WINTON LAND LIMITED

Notes to the Interim Financial Statements
For the six months ended 31 December 2024
10. Other (Continued)
10.7. 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'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
Employee benefits expense 1,995 2,028
Share-based payment expense 669 669
Directors' fees 85 82
Key management personnel remuneration 2,749 2,779
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 six months
ALL VALUES IN $000'S
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2024
UNAUDITED

6 MONTHS ENDED
31 DECEMBER 2023
Key management personnel - 1,335
Employees - 1,888
Revenue from contracts with related parties
- 3,223
As at 31 December 2024, the Group has also entered into agreements for the sale of residential properties with Executive
Directors for $18,852,000 (30 June 2024: $18,852,000), key management personnel for nil (30 June 2024: nil) and employees for
$2,829,000 (30 June 2024: $2,829,000) to be recognised as revenue in future years.
Julian Cook, an Executive Director is also a Director of WEL Networks Limited (WEL). During the six months ended 31 December
2024, the Group incurred $321,000 of development costs categorised as inventories (six months ended 31 December 2023:
$102,000) from WEL. As at 31 December 2024 there was $321,000 (30 June 2024: 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 six months ended

31 December 2024, the Group incurred nil professional fees categorised as administrative expenses (six months ended 31 December
2023: $8,000) from JAS. As at 31 December 2024 there was nil (30 June 2024: $3,000) 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.
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 31

Notes to the Interim Financial Statements
For the six months ended 31 December 2024
10. Other (Continued)
10.8. Capital and land development commitments
As at 31 December 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. Joint venture
capital commitment represents the Group’s commitment to the Winton / MaxCap Medium Density Development Fund.
ALL VALUES IN $000'S
UNAUDITED

31 DECEMBER 2024
AUDITED

30 JUNE 2024
Development expenditure 61,079 43,310
Land purchases
23,600 29,000
Joint venture capital commitment
50,000 50,000
Total capital and land development commitments
134,679 122,310
10.9. Subsequent events after balance date
On 10 February 2025, Sunfield Developments Limited (a 100% subsidiary company of the Company) entered into a debt facility
with Bank of New Zealand (BNZ) for $22,500,000.
INTERIM FINANCIAL STATEMENTS FY2532 | WINTON LAND LIMITED

IInnddeeppeennddeenntt aauuddiittoorr’’ss rreevviieeww rreeppoorrtt ttoo tthhee sshhaarreehhoollddeerrss ooff WWiinnttoonn LLaanndd LLiimmiitteedd
CCoonncclluussiioonn
We have reviewed the interim condensed financial statements of Winton Land Limited (“the Company”) and its
subsidiaries (together “the Group”) on pages 18 to 32 which comprise the consolidated statement of financial position
as at 31 December 2024, and the consolidated statement of comprehensive income, consolidated statement of
changes in equity and consolidated statement of cash flows for the six months ended on that date, and explanatory
notes. Based on our review, nothing has come to our attention that causes us to believe that the accompanying
interim financial statements on pages 18 to 32 of the Group do not present fairly, in all material respects, the
consolidated financial position of the Group as at 31 December 2024, and its financial performance and its cash flows
for the six months ended on that date, in accordance with New Zealand Equivalent to International Accounting
Standard 34:
Interim Financial Reporting (NZ IAS 34) and International Accounting Standard 34: Interim Financial
Reporting (IAS 34).

This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might
state to the Company’s shareholders those matters we are required to state to them in a review 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 review procedures, for this report, or for the conclusion we
have formed.
BBaassiiss ffoorr ccoonncclluussiioonn
We conducted our review in accordance with NZ SRE 2410 (Revised)
Review of Financial Statements Performed by the
Independent Auditor of the Entity
. Our responsibilities are further described in the Auditor’s responsibilities for the
review of the financial statements
section of our report. We are independent of the Group in accordance with the relevant
ethical requirements in New Zealand relating to the audit of the annual financial statements, and we have fulfilled our
other ethical responsibilities in accordance with these ethical requirements.
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.
DDiirreeccttoorrss’’ rreessppoonnssiibbiilliittyy ffoorr tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial
statements in accordance with New Zealand Equivalent to International Accounting Standard 34:
Interim Financial
Reporting (NZ IAS 34)
and International Accounting Standard 34: Interim Financial Reporting (IAS 34) and for such
internal control as the directors determine is necessary to enable the preparation and fair presentation of the interim
financial statements that are free from material misstatement, whether due to fraud or error.

A member f irm of Ernst & Young Global Limited
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 33

A member firm of Ernst & Young Global Limited
2

AAuuddiittoorr’’ss rreessppoonnssiibbiilliittiieess ffoorr tthhee rreevviieeww ooff tthhee iinntteerriimm ffiinnaanncciiaall ssttaatteemmeennttss
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410
(Revised) requires us to conclude whether anything has come to our attention that causes us to believe that the interim
financial statements, taken as a whole, are not prepared in all material respects, in accordance with New Zealand
Equivalent to International Accounting Standard 34:
Interim Financial Reporting (NZ IAS 34) and International
Accounting Standard 34:
Interim Financial Reporting (IAS 34).
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement.
We perform procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting
matters, and applying analytical and other review procedures. The procedures performed in a review are substantially
less than those performed in an audit conducted in accordance with International Standards on Auditing (New Zealand)
and consequently do not enable us to obtain assurance that we would become aware of all significant matters that
might be identified in an audit. Accordingly, we do not express an audit opinion on those interim financial statements.
The engagement partner on the review r esulting in this independent auditor’s review report is Brent Penrose.
Chartered Accountants
Auckland
21 February 2025
INTERIM FINANCIAL STATEMENTS FY2534 | WINTON LAND LIMITED

Company
Winton Land Limited
NZCN 6310507
ARBN 655 601 568
Board of Directors
Chris Meehan, Chair
Michaela Meehan
Julian Cook
Glen Tupuhi
Steven Joyce
James Kemp
Guy Fergusson
Senior Management Team
Chris Meehan, Chief Executive Officer
Simon Ash, Chief Operating Officer
Jean McMahon, Chief Financial Officer
Justine Hollows, General Manager Corporate Services
Duncan Elley, General Manager Project Delivery
Julian Cook, Director of Retirement
Company Secretary
Justine Hollows
Registered Office
New Zealand:
Level 2, 11 Westhaven Drive
Cracker Bay
Auckland 1010
New Zealand
Australia:
c/- Mills Oakley
Level 7, 151 Clarence Street
Sydney, NSW 2000
Australia
Mailing Address and Contact Details
P O Box 105526
Auckland 1143
New Zealand
Telephone: +64 9 377 7003
Website: www.winton.nz
Auditor
Ernst & Young
2 Takutai Square
Auckland 1010
New Zealand
Corporate Legal Advisors
New Zealand:
Chapman Tripp
Level 34, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Australia:
Mills Oakley
Level 7, 151 Clarence Street
Sydney, NSW 2000
Australia
Share Registry
Winton’s share register is maintained by MUFG Corporate
Markets, a division of MUFG Pension & Market Services.
MUFG Corporate Markets is your first point of contact
for any queries regarding your investment in Winton.
You can view your investment, indicate your preference for
electronic communications, access and update your details
and view information relating to dividends and transaction
history at any time by visiting the MUFG Corporate
Markets Investor Centre at the addresses noted below.
Registry
New Zealand:
MUFG Corporate Markets
Level 30, PwC Tower
15 Customs Street West
Auckland 1010
New Zealand
Telephone: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Website: www.linkmarketservices.co.nz
Australia:
MUFG Corporate Markets
Level 12, 680 George Street
Sydney, NSW 2000
Australia
Telephone: +61 1300 554 474
Email: enquiries@linkmarketservices.com.au
Website: www.linkmarketservices.com.au
Investors
investors@winton.nz
Directory
INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 35

17 Jimmy’s Point,
Launch Bay,
Hobsonville Point
BC ALTA Villas,
Northlake Wānaka
INTERIM FINANCIAL STATEMENTS FY2536 | WINTON LAND LIMITED

INTERIM FINANCIAL STATEMENTS FY25WINTON LAND LIMITED | 37

winton.nz

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1. Business Update

2

3

Completed the renovation and refurbishment of the Cracker Bay office building




Pre-sale book of $342.0m as at31 December 2024
ATLA Villas –20 Townhouses completed at Northlake Wānaka
Completed and opened The Bakehouse and R.M. Prime Produce at Ayrburn

Completed Stage 17 at Northlake Wānaka

Sunfield included on the initial Fast-track project list and has since submitted an
applicationunder the Fast-track Approvals Act 2024

Settled 90 units in a difficult market and very challenging economic conditions
Jimmy’s Point –30 high-end waterfront apartments completed at Launch Bay
HobsonvillePoint
Notes: 1. Northbrook Arrowtown remaining subject to a resource consent amendment being granted. A retirement
village consent has been granted for Northbrook Arrowtown.
5

247
186
171
76
553
449
565
345
90
-
200
400
600
800
1,000
1,200
Prior FY18A FY19A FY20A FY21A FY22A FY23A FY24A HY25A FY25F+
6
c.6,000
¹

65%
17%
16%
59%
18%
22%
7
MovementUnits settled
H1 FY24
Units settled
H1 FY25
Neighbourhood
(39)7839Lakeside
(16)16-Beaches
(9)9-North Ridge
52833Northlake
(8)2618Launch Bay
(1)1-River Terrace
(68)15890Total
$260$523$783
Average residential
revenue per unit
(000’s)


Settlements By Product Type
Notes: 1. Constructed product comprises of apartments, townhouses, dwellings and
commercial units.
7
Residential Lots
Apartments
Commercial
Dwellings
H1 FY25
settlements
by product
H1 FY24
settlements
by product
Residential Lots
Apartments
Commercial
Dwellings
2%
1%

North Ridge Cessnock
Preparatory works continue for planning approvals for stage 7 onwards.
Federal government has announced a $22m road upgrade between
Cessnock CBD and North Ridge, improving connections and travel times
which is positive for future stages.
Launch Bay Hobsonville
Completion of 30 apartments at Jimmy’s Point.
All apartments in The Ovation are now sold, and the project is complete.
Northlake
Construction of 20 ALTA Villa Townhouses completed.
Stage 17a land lots had new titles issued in November 2024 with only a
handful of land lots remaining unsold across Stage 17.
Stage 18 construction commenced in December 2024 with the first titles
expected June 2025.
Beaches Matarangi
The Beaches residential development is now complete, with the
remaining lots being marketed.
Lakeside TeKauwhata
39 Stage 3 lots were completed and settled and the last 112 lots in Stage
3 have since been completed and will settle in the coming weeks.
Stage 4 civil works commenced in H1 FY25 with the first substage due
for completion in February 2025.
The remaining bulk earthworks for the development are due to be
completed February 2025.
Sunfield, Papakura
The Fast-track Approvals Act 2024 became law in December, with
Winton’s Sunfield project as one of the initial listed projects under part
2A of the Act. In February, Winton submitted an application for the
Sunfield project under the Fast-track Approvals Act 2024 and looks
forward to progressing the application with the Ministry for the
Environment over the coming months.
8
8

Northbrook WānakaStage One residences are taking shape and on
target for the first residents to move in during May 2025. Roofing is
complete, and the windows are in, along with wall linings, joinery, and
timber flooring. Internal painting is well underway, while driveways,
pathways, and landscaping have begun.
Stage One consists of 18 3-bedroom residences and 14 2-bedroom
residences, totalling 32 residences.
Construction of the central wellness facilities is well underway, with the
slab platform and foundations complete, and the framework for the pool
is now in place. It is expected to be completed by November 2025.
9

Northbrook Wynyard Quarter
Despite strong pre-sales, the construction of Northbrook Wynyard Quarter has
been pushed out for c 12 months as we believe there is further opportunity for
construction costs and interest costs to moderate over the next year, which will
flow into the property market and positively impact this project.
Winton remains committed to this high-quality project in downtown Auckland
and will complete current preparation work, including the piling works, and
building consenting over the 12-month period. Detailed design will continue in
parallel during 2025.
This decision enables us to focus on Northbrook Wanaka and Northbrook
Arrowtown and accelerate thoseprojects where possible.
Northbrook Arrowtown
Northbrook Arrowtown's location in close proximity toAyrburn has continued to
enable high volumes of visitors and potential future residents to visit the show
suite.
Resource consent variation has been lodged to reflect the final built form.
Building consent for the first two buildings forming part of Stage 1 has been
lodged and once obtained, procurement of this stage will continue.
Northbrook Launch Bay
Work has continued on the layout and design for Stage 1 at Northbrook Launch
Bay within Winton’s Launch Bay neighbourhood at HobsonvillePoint.
Northbrook Avon Loop
During H1 FY25, Christchurch City Council made decisions on Plan Change 14,
increasing the permitted height from 14 metres to 22 metres. This unlocks
opportunities for greater development efficiency for the Northbrook Avon Loop
site. Therefore, we are reviewing the most desirable layout for Northbrook Avon
Loop to ensure an optimal outcome for the project.
10

The renovation and refurbishment of the Cracker
Bay office building is now complete. It offers
premium waterfront facilities for tenants across
four levels.
The last of the council approvals were received for
the wider Cracker Bay and Northbrook Wynyard
Quarter precinct, including for hospitality and
variations submitted for Northbrook Wynyard
Quarter resource consent.
11
11

Positive momentum continues at Ayrburn as a multi-venue hospitality and
tourism destination.
During H1 FY25, Ayrburn had a full six months of trading and, in December,
opened The Bakehouse and R.M. Prime Produce.
The Bakehouse is a more casual offering compared to The Woolshed, open
between 9am –8pm and unlocks further opportunities for larger events
while still being able to serve non-event visitors, creating further
momentum, particularly for weddings in 2025 and 2026.
In June 2024, experienced industry leader Kieran Turnbull joined the
Ayrburn team as General Manager, bringing experience, knowledge and
leadership to the relatively new team.
Ayrburn has continued to refine and improve internal systems for a more
cohesive approach across multiple venues and enabling faster decision-
making to maximize utilisation of capacity and demand.
The Ayrburn team has improved operating efficiency and reduced
overheads, which will be more visible in the second half of this financial year.
During H1 FY25, Ayrburn hosted a number of significant successful events
including the well-loved Christmas Wonderland in July and the Wonderland
Ball. In H2 FY25, Ayrburn will host various music events and its first festival
of motoring, the Ayrburn Classic, in March.
12

14
Movement
unaudited
H1 FY24
unaudited
H1 FY25
Statement of Financial Performance
Year EndedYear EndedNZ$m(unless indicated otherwise)
31-Dec-2331-Dec-24
(4.5)
85.6
81.1
Revenue
(0.6)(57.0)(57.6)
Cost of sales
(5.1)
28.6
23.5
Gross profit
(4.4%)
33.4%
29.0%
Gross profit margin
(0.2)(0.2)(0.4)
(Loss) / gain on sale of property, plant and equipment
(5.4)2.6(2.8)
Fair value (loss) / gain on investment properties
0.3(3.0)(2.7)
Selling expenses
(0.3)(0.8)(1.1)
Property expenses
(3.7)(12.3)(16.0)
Administrative expenses
0.1(0.7)(0.6)
Share-based payment expense
(14.3)
14.2
(0.1)
EBITDA
(1.0)(1.2)(2.2)
Depreciation and amortisation
(0.7)
0.6
(0.1)
Net interest income
(16.0)
13.6
(2.4)
(Loss) / Profit before income tax
4.3(3.9)0.4
Income tax expense
(11.7)
9.7
(2.0)
(Loss) / Profit after income tax
(3.95)
3.28
(0.67)
Basic earnings per share (cents)
Revenue has decreased by 5.3%, primarily due to a net 68 fewer units settled in
H1 FY25 compared to the prior period. This is offset by constructed product
comprising 41% of settlements which commands a price premium over land lots.
Commercial revenue increased by $7.7 million in H1 FY25 due to Ayrburn
contributing 6 months of trading compared to the previous period when it was
only open for 1 month.
Cost of sales has stayed steady despite the decrease in units settled, again owing
to the higher proportion of construction products.
The fair value loss on investment properties in H1 FY25 of $2.8 million results from
the revaluation of Winton’s commercial and retirement assets. This compared to a
gain of $2.6 million in H1 FY24.
Administrative expenses increased by $3.6 million in H1 FY25. This was mostly due
to an increase in employee benefits expense by $4.5 million with Ayrburn trading
for an additional five months offset by a decrease in establishment costs of $2.4
million. Establishment costs are those costs incurred in relation to the pre-opening
of Ayrburn’svenues, and these include branding, marketing, recruitment, and
employee training. The remainder of the increase in Administrative expenses is
due to the growth of Winton’s operations.
The resultant net loss after tax in H1 FY25 is $2.0 million a reduction from $9.7
million profit in the prior period.
14

Cash balances of $26.1 million at 31 December 2024.
In November 2024, Winton entered into a new borrowing facility secured against
its recently completed office building and marina complex at Cracker Bay. The
facility limit is $18.3m includingaccrued interest with a term of 12 months and the
ability to extend for a further 2 years. The balance of this facility at 31 December
2024 was $7.0m.
In February 2025, Winton entered into a new borrowing facility in respect of its
Sunfield site. The facility limit is $22.5m including accrued interest with a term of
18 months.
Winton has no recourse debt at group level and all other properties (except
Lakeside) across the group remain unencumbered.
Inventories have decreased from FY24 due to the greater volume of built product
settling. We note that inventories are held at the lower of cost and net realisable
value.
Investment properties have increased from FY24. This increase is driven
predominantly by investment property construction works, design and consent
costs of $46.9m.
The increase in Property Plant and Equipment was primarily due to construction of
The Bakehouse (opened December 2024) and Billy’s (due to be completed in H2
FY25). We note that property, plant, and equipment are held at cost less
accumulated depreciation.
audited
FY23
unaudited
FY24
Statement of Financial Position
Movement
As atAs atNZ$m(unless indicated otherwise)
30-Jun-2431-Dec-24
(15.6)41.726.1
Cash and cash equivalents
(28.5)247.3218.8
Inventories
44.2277.4321.6
Investment properties
9.179.888.9
Property, plant and equipment
0.17.87.9
Other assets
9.3654.0666.3
Total assets
(2.7)24.221.5
Accounts payable and other liabilities
14.664.078.6
Borrowings
(0.5)5.85.3
Taxation payable
-20.420.4
Lease liability
(0.9)20.119.2
Deferred tax liabilities
10.5134.5145.0
Total liabilities
(1.2)519.5518.3
Net assets
(0.4)174.5174.1
NTA cents per share
15

16
unaudited
H1 FY24
unaudited
H1 FY25
Statement of Cashflows
Movement
Year EndedYear Ended
NZ$m(unless indicated otherwise)
30-Jun-2431-Dec-24
Cash flows from operating activities
(4.2)85.381.1
Receipts from customers
0.3(47.1)(46.8)
Payment to suppliers and employees
-(5.4)(5.4)
Development land purchases
13.5(15.3)(1.8)
Other operating activities
9.617.527.1
Net cash flows from operating activities
Cash flows from investing activities
(18.9)(25.8)(44.7)
Investment property purchases
13.0(24.4)(11.4)
Acquisition of property, plant and equipment
(0.1)-(0.1)
Other investing activities
(6.0)(50.2)(56.2)
Net cash flows from investing activities
Cash flows from financing activities
(48.8)63.314.5
Net proceeds of borrowing
6.4(6.4)-
Dividends paid to shareholders
0.2(1.2)(1.0)
Payment of lease and other liabilities
(42.2)55.713.5
Net cash flows from financing activities
(38.6)23.0(15.6)
Net increase in cash and cash equivalents
(34.6)76.341.7
Cash and cash equivalents at beginning of the period
(73.2)99.326.1
Cash and cash equivalents at the end of the period
Net operating cashflows increased by $9.6 million due to reduced payments to
suppliers, employees and IRD offset by reduced settlements.
Development land purchases relate to Sunfield deposit payments.
Investing activity has increased due to construction activity at Northbrook Wanaka
and Wynyard in H1 FY25.
Decreased property, plant and equipment cashflow is a result of completed
projects at the Ayrburn Precinct in FY24.
As at FY24 results, the Board paused paying a dividend to maintain financial
discipline through softer market conditions while enabling Winton to continue
executing its growth plans, which remains the Board’s view for H1 FY25.
16

Construction Costs Remain High
Insolvencies Continue to Increase Building Consents Remain Subdued
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
Quarters ending
Volume of ready-mix concrete (m³)³
Quarterly Volume2015-2020 Average
Notes: 1. New Zealand Property Report REINZ –15 July 2024. 2. RITANZ, Centrix –31 October 2024. 3. Data has been sourced from StatsNZ. 4. Cordell Construction Cost Index Quarter 2, 2024, New
Zealand
23.3% decline
from Dec-21
18
1,800
2,200
2,600
3,000
3,400
3,800
4,200
4,600
5,000
5,400
Jan Feb Mar Apr May Jun Jul Aug Sept Oct Nov Dec
Building consents issued¹
202120222023Long-run average, 2000 - present2024
-4
-2
0
2
4
6
Cordell Construction Cost Index –Monthly Change⁴
Volume of Ready-Mix Concrete Remains in Decline
1515
1250
1209
1203
1519
2062
1814
1488
1395
1566
1837
0
500
1000
1500
2000
2500
201920202021202220232024
Liquidation appointments (YTD and Full Year)²
YTD 10 months ended OctoberFull year (ended 31-Dec)

Unemployment Continues to Increase, 5.1 as at December 2024
19
19
Chart Data Source: Statistics NZ
6.1
6.2
6
6.1
6
6.1
6.46.4
6.7
6.3
5.8
6
5.8
5.7
5.6
5.35.3
5.55.55.5
5.6
5
5.3
5.1
5
5.3
4.94.9
4.7
4.5
4.4
4.6
4
4.3
4.2
4.14.14.1
4.2
4.1
5.2
4.9
4.6
4
3.3
3.23.2
3.3
3.2
3.43.4
3.6
3.9
4
4.4
4.6
4.8
5.1
0
1
2
3
4
5
6
7
8
Sept-10
Dec-10
Mar-11
Jun-11
Sept-11
Dec-11
Mar-12
Jun-12
Sept-12
Dec-12
Mar-13
Jun-13
Sept-13
Dec-13
Mar-14
Jun-14
Sept-14
Dec-14
Mar-15
Jun-15
Sept-15
Dec-15
Mar-16
Jun-16
Sept-16
Dec-16
Mar-17
Jun-17
Sept-17
Dec-17
Mar-18
Jun-18
Sept-18
Dec-18
Mar-19
Jun-19
Sept-19
Dec-19
Mar-20
Jun-20
Sept-20
Dec-20
Mar-21
Jun-21
Sept-21
Dec-21
Mar-22
Jun-22
Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Unemployment Rate, Sep 2010 –Dec 2024 (quarterly)

The economic downturn is more severe than expected and has continued
for longer. A change in government was anticipated to be a catalyst to get
the economy moving again and out of recession, however, it is taking
more time than was generally expected.
We remain cautious and believe New Zealand isn’t yet at the bottom of
the construction cycle. While interest rates have decreased, that is only
one of the economic levers stifling the economy. Unemployment
continues to increase, and we maintain our view that the property market
is unlikely to substantially turn around until after unemployment has
peaked.
While it will continue to remain challenging, we are confident in Winton’s
financial position and strategy to weather the continued weakness in the
economy and come out the other side well positioned for the future.
20

Over 20 years of experience in land development, real
estate, finance and investment management.
Responsible for delivery of development projects.
Previously at ChenavariInvestment Managers and Capmark
Bank Europe plc.
Over 18 years’ experience in law, including property
development, transactional and leasing work.
Responsible for legal oversight, risk management, compliance,
and human resources.
Previously at Auckland International Airport, Bell Gully, and
Minter Ellison.
Over 18 years’ experience in real estate, finance and
investment banking.
Responsible for oversight of Winton’s business operations.
Previously at Macquarie Group and Brookfield Financial.
Founded Winton in 2009.
Over 30 years’ real estate
experience.
Strategic and operational
leadership.
Founded the Belle Property
real estate franchise in
Australia, and grew the
business to 20+ offices across
Australia and New Zealand.
Over 18 years’ experience in real estate, finance and investment.
Responsible for finance, tax and accounting functions.
Previously at Property for Industry, Lloyds Banking Group and
KPMG.
23

Target units
remaining
1
Settled
2
Target units
1
LocationCommunities
278(725)1,003Wanaka1. Northlake
694(978)1,672TeKauwhata2. Lakeside
232(118)350Hobsonville3. Launch Bay
3,957-3,957Auckland4. Sunfield
186-186Auckland5. Wynyard Quarter
210-210Christchurch6. Avon Loop
188-188Queenstown7. Northbrook Arrowtown
14(2)16Arrowtown8. Ayrburn Farm & Precinct
23(309)332Matarangi9. Beaches
182(176)358Cessnock (AU)10. North Ridge
1(137)138Queenstown11. BridesdaleFarm
---Auckland12. Cracker Bay
5,965(2,445)8,410Total
.
Notes: 1. Target units to be developed from 1 January 2025onwards on existing projects based on management estimates and masterplans current as at 31 December2024. Target total units,
target product mix and target settlement period may change, including due to planning outcomes and market demand. 2. Settled andPre-sold units as at 31 December2024.
Target units remaining by type
CommercialRetirementResidential
2131145
12-682
-21418
314-3,643
1015224
-210-
18170-
7-7
1-22
--182
1--
---
3658774,723
24