Winton announces FY25 Annual Results
Level 2, 11 Westhaven Drive, Cracker Bay, Auckland 1010
P O Box 105526, Auckland 1143
27 August 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 – ANNUAL RESULTS FOR THE YEAR ENDED 30 JUNE 2025
Please find attached the following information relating to Winton Land Limited’s results for the
financial year ended 30 June 2025:
(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
---
Level 2, 11 Westhaven Drive, Cracker Bay, Auckland 1010
P O Box 105526, Auckland 1143
MARKET ANNOUNCEMENT
NZX: WIN / ASX: WTN
27 August 2025
WINTON ANNOUNCES FY25 ANNUAL RESULTS
Winton (NZX: WIN / ASX: WTN) today announces its annual results for the twelve months ending 30
June 2025 (FY25).
Revenue for FY25 was $155.4 million, a 10.5% decrease compared to FY24 revenue of $173.6 million.
Winton’s longstanding pre-sale strategy continued to serve the company well, with 266 units settling
during the year.
Earnings before interest, tax, depreciation, and amortisation (EBITDA) for FY25 was $21.3 million, a
decrease of 27.9% compared to FY24’s EBITDA of $29.5 million. Net profit after tax (NPAT) was $10.3
million, reflecting a 34.4% decrease from $15.7 million in FY24.
Chris Meehan, Chair and CEO of Winton, said: “As we expected, the property market has remained
subdued in many parts of New Zealand, particularly Auckland. The economy has struggled, impacted
by low growth, excess bureaucracy, higher unemployment, and global uncertainty. While much of
this is beyond our control, we do control Winton’s response to the economic conditions and how we
strategically position the company for long-term shareholder value.”
“Winton has consistently demonstrated great discipline in managing existing projects and
committing to new ones. Hard decisions have been made regarding the timing of projects, which has
meant slowing some down until funding and building costs stabilise. While the Auckland market
continues to be challenging, we have focused our attention on Winton’s southern projects,
specifically Northlake Wānaka, Northbrook Wānaka, Northbrook Arrowtown and Ayrburn.”
Winton finished FY25 with a pre-sale book of $248.0 million as at 30 June 2025, a landbank yield of
c5,750 units and cash holdings of $20.3 million. Borrowings were $100.4 million as at 30 June 2025,
reflecting funds utilised for project development facilities secured against four properties. These
facilities have no recourse to Winton at the group level.
The first stage at Northbrook Wānaka was completed in May 2025, and new residents were
welcomed. Revenue from deferred management fees and village service fees has commenced and
will continue to grow as the village matures and reaches stabilisation. Sales have been steady, and
sales prices are meeting expectations.
The key residential settlements in FY25 include land lots in Stage 3 and Stage 4 at Lakeside, Te
Kauwhata, land lots in Stage 17 and Stage 18 at Northlake, Wānaka, the remaining ALTA Villa
Townhouses at Northlake, Wānaka, and the Jimmy’s Point apartments at Launch Bay, Hobsonville
Point.
The Ayrburn masterplan is coming together well. FY25 was Ayrburn’s first trading year and was
marked by a number of milestones. Several new venues were opened during FY25, unlocking further
opportunities. These included The Bakehouse and R.M.Prime Produce, and more recently, Billy’s
restaurant and conservatory. Ayrburn is situated on the best part of the most expensive street in
2
New Zealand and is a key long-term asset for Winton. Winton intends to continue to maximise the
value from the entire masterplan for shareholders. It is expected that Ayrburn will welcome at least a
million visitors over the next year, and it is on track to become the most visited attraction in
Queenstown.
In February, Winton submitted its detailed application for the Sunfield project under the Fast-track
Approvals Act 2024. The project has since been accepted into the process, and a panel has been
appointed. Winton has been working constructively with NZTA to integrate Mill Road stage 2 into the
development. We are hopeful to have a positive outcome on Sunfield around the end of the calendar
year, and if approval is granted, it is Winton’s intention to commence development immediately.
Winton’s proposed Ayrburn Screen Hub was also accepted into the Fast-track process under the Fast-
track Approvals Act 2024. The facility will be located adjacent to the Ayrburn Hospitality Precinct and
Northbrook Arrowtown. Should the project receive resource consent, it will be a valuable part of the
Ayrburn masterplan, generating significant recurring revenue from the Screen Hub and incremental
revenue growth for the hospitality precinct.
As at FY24 results, the Board paused paying a dividend to maintain financial discipline during softer
market conditions, which remains the Board’s view for FY25.
Chris Meehan concludes: “The New Zealand economy remains challenging. Unemployment continues
to increase, net migration is at its lowest level in over 10 years, and ready-made concrete volumes
are below the 10-year average. However, there are some positive signs in Winton’s operating
environment, including a declining Official Cash Rate, increased competition amongst suppliers,
lower labour costs, and a rise in the number of houses sold compared to the prior year, with the
Queenstown-Lakes District outperforming the rest of the country.”
“In our view, given the current economic environment and property market, it is a prudent time to
avoid taking risks and conserve our resources until the economy and market begin to turn around.
We will continue to operate with discipline. In the near term, this means focusing primarily on
Sunfield and Winton’s South Island operations and developments, where the market has remained
buoyant. We will be judicious in committing further capital to projects until we have conviction that
the market has a positive outlook. We maintain our view that we don’t expect this to occur until after
unemployment has peaked. We move into 2026, cautious but confident.”
Winton’s Annual Report and all future reports will be publicly available on Winton’s 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, MUFG Corporate Markets, 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
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 20 projects expected to yield a combined total of circa 5,750 residential lots, dwellings, apartment
units, retirement village units and commercial lots. Winton listed on the NZX and ASX in 2021.
www.winton.nz
---
Results announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Updated as at March 2025
Results for announcement to the market
Name of issuer Winton Land Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$155,447 (10%)
Total Revenue $155,447 (10%)
Net profit/(loss) from
continuing operations
$10,322 (34%)
Total net profit/(loss) $10,322 (34%)
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 (in
dollars and cents per
security)
$1.79 $1.74
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
2025. A copy of these audited financial statements is attached to
this announcement.
Authority for this announcement
Name of person
authorised
to make this announcement
Jean McMahon
Contact person for this
announcement
Jean McMahon
Contact phone number +64 9 377 7003
Contact email address jean.mcmahon@winton.nz
Date of release through MAP
27 August 2025
Audited financial statements accompany this announcement.
---
winton.nz
ANNUAL REPORT
12 MONTHS ENDING
30 JUNE 2025
ANNUAL REPORT 2025
Contents
FC Northbrook Wānaka,
Northlake
01 Northbrook Wānaka,
Northlake
Key Highlights
Letter from CEO and Chair
Financial Commentary
Residential
Retirement – Northbrook
Commercial – Cracker Bay
Commercial – Ayrburn
Leadership and Governance
Winton ESG
Financial Statements
Corporate Governance
Directory
02
04
10
12
16
18
26
37
67
87
24
08
ANNUAL REPORT 2025WINTON LAND LIMITED | 01
Key Highlights
C. 5,750
Units2 landbank yield
$10.3m
Net profit after tax
$155.4m
Revenue
$59.5m
Gross profit
1. Pre-sales are as at 30 June 2025. 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.
$20.3m
Cash
02 Billy’s,
Ayrburn
$248.0m
1
of gross pre-sales secured
38.3%
Gross profit margin
6.6%
NPAT margin
ANNUAL REPORT 202502 | WINTON LAND LIMITED
262
Employees
78%
3
of portfolio (by units) are residential lots
LIMITING EXPOSURE TO CONSTRUCTION
877
Retirement living units yield
ACROSS 5 LOCATIONS
494
Total shareholders
3. Target units to be developed from 1 July 2025 onwards on existing
projects based on management estimates and masterplans current
as at 30 June 2025. Target total units, target product mix and target
settlement period may change, including due to planning outcomes
and market demand.
266
Units delivered and settled
12
Masterplanned communities
20
Current projects
ANNUAL REPORT 2025WINTON LAND LIMITED | 03
A
s we expected and communicated
in the interim results, the property
market has remained subdued in
many parts of New Zealand, particularly
Auckland. The economy has struggled,
impacted by low growth, excess
bureaucracy, the challenging property
market and higher unemployment, as
well as ongoing global uncertainty.
While much of this is beyond our control,
we do control Winton’s response to
the economic conditions and how we
strategically position the company for
long-term shareholder value.
While the challenges of FY24 continued
into FY25, Winton’s longstanding pre-sale
strategy continued to serve us well and will
continue to do so over the coming years.
Revenue for FY25 was $155.4 million,
primarily attributable to the settlement
of 266 units. This compares to 345 units
settled in FY24, resulting in a 10.5%
decrease in revenue from $173.6 million.
Earnings before interest, tax, depreciation,
and amortisation (EBITDA) for FY25 was
$21.3 million, a 27.9% decrease compared
to FY24. Net profit after tax (NPAT)
was $10.3 million, a 34.4% decrease
compared to FY24. The difference
is attributable to 79 fewer property
settlements compared to FY24, a lower
proportion of built product, and 17.0%
higher employee benefits expense,
attributable to a full year of operation
at Ayrburn. These were somewhat
offset by the $5.1 million revaluation
gain on investment properties for FY25,
compared to a revaluation loss of
$1.7 million in FY24, resulting in a net
c
hange of $6.8 million.
Winton finished FY25 with a pre-sale
book of $248.0 million as at 30 June
2025, a landbank yield of c5,750 units,
including 877 retirement living units, and
cash holdings of $20.3 million.
Borrowings as at 30 June 2025 were
$100.4 million, reflecting funds utilised
for project development secured against
four properties. These facilities have no
recourse to Winton at the group level.
Winton has consistently demonstrated
great discipline in managing existing
projects and committing to new
ones. Hard decisions have been made
regarding the timing of projects, which
has meant slowing some down until
funding and building costs stabilise.
While the Auckland market continues
to be challenging, we have focused
our attention on Winton’s southern
projects, specifically Northlake Wānaka,
Northbrook Wānaka, Northbrook
Arrowtown and Ayrburn.
The Ayrburn masterplan is coming
together well, including the most recent
opening of the exciting Cantonese-
inspired Billy’s restaurant. Ayrburn is
situated on the best part of the most
expensive street in New Zealand and
is a key long-term asset for Winton.
We intend to continue to maximise the
value from the entire masterplan for
shareholders. We expect to welcome at
least a million visitors to Ayrburn over the
next year and it is on track to become the
most visited attraction in Queenstown.
Recently, Winton’s Ayrburn Screen Hub
was accepted into the Fast-track process
under the Fast-track Approvals Act 2024.
The Ayrburn Screen Hub is planned to be
an all-inclusive film studio, enabling users
to work and stay onsite through filming,
production and post-production. It will
include studio buildings, workrooms,
office space for film
departments,
dressing rooms, a screening
room,
and meeting space. An 185-room
accommodation for film workers is also
planned, which will be available as visitor
accommodation when there aren’t films
in production. The facility will be located
adjacent to the Ayrburn Hospitality
Precinct and Northbrook Arrowtown,
nestled between Arrowtown and Lake
Hayes. Should the project receive
resource consent, it will be a valuable part
of the Ayrburn masterplan, generating
significant recurring revenue from the
Screen Hub and incremental revenue
growth for the hospitality precinct.
1. 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
Northlake,
Wānaka
ANNUAL REPORT 202504 | WINTON LAND LIMITED
04
ANNUAL REPORT 2025WINTON LAND LIMITED | 05
Sunfield
I
n February, Winton submitted its
detailed application for the Sunfield
project under the Fast-track Approvals
Act 2024. The project has since been
accepted into the fast-track process,
and a panel has been appointed. It is
encouraging to see the New Zealand
Government making progress and we
commend them on the process to date.
We are working constructively with NZTA
to integrate Mill Road stage 2 into the
development. We are hopeful to have a
positive outcome on Sunfield around the
end of the calendar year, and if approval
is granted, it is Winton’s intention to
commence development immediately.
05
Letter from CEO and Chair
ANNUAL REPORT 202506 | WINTON LAND LIMITED
Board of Directors
I
n May, the Winton Board of Directors
(the Board) appointed Josh Phillips
as an alternate director to James
Kemp on the Winton Board. The Board
has determined that Josh is a non-
independent director and will hold office
until Winton’s 2025 Annual Meeting.
Together with Josh Phillips, four of the
current directors, being Chris Meehan,
Michaela Meehan, Julian Cook and Glen
Tupuhi will retire by rotation and will offer
themselves up for re-election at Winton’s
2025 Annual Meeting.
Dividend
As at FY24 results, the Board paused
paying a dividend to maintain financial
discipline during softer market conditions,
which remains the Board’s view for FY25.
Market and Outlook
The New Zealand economy remains
challenging. Unemployment continues
to increase, net migration is at the
lowest it has been in over 10 years and
ready-made concrete volumes are below
the 10-year average. However, there
are some positive signs in Winton’s
operating environment, including a
declining Official Cash Rate, increased
competition amongst suppliers, lower
labour costs, and a rise in the number
of houses sold compared to the prior
year, with the Queenstown-Lakes District
outperforming the rest of the country.
In our view, given the current economic
environment and property market, it is
a prudent time to avoid taking risks and
conserve our resources until the economy
and market begin to turn around. We will
continue to operate with discipline. In the
near term, this means focusing primarily
on Sunfield and Winton’s South Island
operations and developments, where the
market has remained buoyant. We will be
judicious in committing further capital
to projects until we have conviction that
the market has a positive outlook. We
maintain our view that we don’t expect
this to occur until after unemployment
has peaked.
We move into 2026 cautious but
confident. I am grateful for the dedication
of the Winton team and their ability
to continue excelling through a tough
property cycle. We would like to extend
our appreciation to our trade partners,
contractors, and suppliers for their hard
work, as well as to our community of
stakeholders and shareholders for their
continued support.
Chris Meehan
Chair and Chief Executive Officer
06
05 Sunfield,
Papakura
(artist impression)
06 Lakeside,
Te Kauwhata
ANNUAL REPORT 2025WINTON LAND LIMITED | 07
W
inton has delivered revenue
of $155.4 million, 10.5%
down from $173.6 million in
FY24. A total of 266 units were settled,
a decrease of 79 units. Cost of goods
sold of $95.9 million is lower than FY24
by $7.4 million or 7.2%. Although there
was a lower proportion of built product
settled by volume in FY25, the cost per
unit was higher as the built product was
of higher value than the built product
settled in FY24.
Commercial revenue increased by
$13.7 million in FY25 due to Ayrburn
contributing 12 months of trading
compared to the previous period when
it was only open for 7 months. A fair
value gain of $5.1 million resulted from
the revaluation of commercial assets and
retirement land within the investment
properties portfolio. This compares to
a loss of $1.7 million in FY24.
E
mployee benefits expense increased
by $3.0 million in FY25 with Ayrburn
trading for an additional five months
compared to FY24. Administrative
expenses increased by $2.7 million with
an increase in legal costs of $2.4 million
and other administrative expenses
of $2.3 million due to the growth of
Winton’s operations. This was offset
by a decrease in establishment costs
of $2.2 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.
Net interest income was $2.2 million
lower due to a decrease in average cash
reserves. The resultant net profit after
tax in FY25 is $10.3 million, a reduction
from $15.7 million net profit after tax in
the prior period.
An increase in investment properties
of $80.9 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 in November 2024. The
facility has a term of 12 months, with the
ability to extend for a further 2 years.
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. In March 2025,
Winton entered into a new borrowing
facility in respect of its Northlake Stage
18 project. The facility limit is $22.5
million, including accrued interest,
with a term of 2 years. Winton has no
r
ecourse debt at the group level and
all other properties (excluding those
mentioned above and Lakeside) across
the group remain unencumbered.
Winton enters FY26 with $20.3 million
in cash reserves.
Financial Commentary
07 Jimmy’s Point,
Launch Bay
07
ANNUAL REPORT 202508 | WINTON LAND LIMITED
WINTON LAND LIMITED | 09ANNUAL REPORT 2025
R
esidential development
encompasses Winton’s traditional
land and property development
business. Revenue for FY25 from
residential development was $130.3
million, delivering $21.9 million EBITDA.
This is attributable to the 266 units
that settled during the period, of which
90 units settled in the first half of the
year and 176 units in the second half. In
FY24, 345 units were settled, producing
$162.5 million in revenue and $45.0
million in EBITDA.
The main FY25 settlements included
the remaining Stage 3 land lots and
the first Stage 4 land lots at Lakeside,
Te Kauwhata and the Jimmy’s Point
apartments at Launch Bay, Hobsonville
Point. At Northlake Wānaka, the
majority of the remaining land lots
within Stage 17 settled, along with
the first Stage 18 land lots and the
remaining ALTA Villa Townhouses.
While the product mix in FY25 included
fewer apartments, dwellings, and
commercial units, compared to FY24,
the product settled in FY25 was of
higher value, driving higher average
revenue per unit. As a result, the
average revenue per unit increased by
4.0% to $489,000. In a subdued real
estate market, Winton’s long-term
pre-sale strategy has continued to
d
eliver, and we are pleased with this
result given the environment.
Jimmy’s Point at Launch Bay, Hobsonville
Point, was completed during FY25,
with many happy residents moving in
and enjoying their harbourside lifestyle.
A small number of the 30 apartments
remain for sale.
Northlake, Wānaka is an established
community and recognised locally
as a high-quality and desirable
neighbourhood to be part of. From a
construction standpoint, the remaining
20 ALTA Villa Townhouses were
completed, along with the final Stage 17
land lots. The first Stage 18 land lots
were completed, titled and settled.
W
orks continue on the balance of Stage
18, including drainage, roading, and
landscaping, and a proposed private
plan change is underway to enlarge the
size of Stage 19.
In addition to the 183 land lots that
were settled at Lakeside, Te Kauwhata,
construction continues. Work is ongoing
in the remainder of Stage 4, including
services, drainage, roading, and
landscaping. The Stage 1 reserve area is
being progressed to extend the walking
and cycling network within Lakeside, and
the Scott Road intersection upgrade is
nearing completion, which will improve
access to the development.
Residential
08 Beaches,
Matarangi
09 Northlake,
Wānaka
NeighbourhoodUnits settled
FY25
Uni
ts settled
FY24
Movement
Lakeside183209(26)
Beaches129(28)
North Ridge-17(17)
Northlake5858-
Launch Bay2429(5)
River Terrace-2(2)
Parnell-1(1)
Total266345(79)
Average revenue
per unit (000’s)
$489$470$19
FY25 Sales
•
I
n FY25, 16.9% of settlements comprised of constructed product compared with 20.3% in FY24.
FY25 delivers value for Winton
08
ANNUAL REPORT 202510 | WINTON LAND LIMITED
FY24
settlements
by product
8%
2%
80%10%
09
Settlements by product type
RESIDENTIAL LOTS
APARTMENTS
COMMERCIAL
DWELLINGS
KEY:
FY25
settlements
by product
8%
83%9%
ANNUAL REPORT 2025WINTON LAND LIMITED | 11
T
he first stage at Northbrook
Wa
-
naka officially opened in
May 2025, much to the delight
of our first Northbrook residents,
who moved in with ease and quickly
established their community. After
years of careful planning, design
and construction, it is incredibly
rewarding to see this vision come
to life. Revenue from deferred
management fees and village
service fees has commenced and
will continue to grow as the village
matures and reaches stabilisation.
Since Stage One opened, word
of mouth from happy residents
has been the most rewarding and
prevalent catalyst for increasing
visitor numbers and improving the
quality of leads. Sales are steady
and sales prices are meeting
expectations. An experienced
Village Manager was recently
appointed to the Northbrook
Wa
-
naka team, bringing a wealth
of knowledge with him.
The Northbrook Wa
-
naka Wellness
Spa is a luxurious amenity, home to
health, wellness, and fitness, with a
13.5 metre heated swimming pool,
sauna, boutique fitness studio, salon,
and treatment rooms. Construction
is progressing at pace and on target
for completion by the end of this year.
The roof and exterior cladding are
complete, and finishing trades are
preparing to start. We look forward to
opening this beautiful facility.
Following the opening of Northbrook
Wa
-
naka, a partnership has been
established with an in-home care
provider, giving residents peace of
mind that care is accessible should
they need it before the Northbrook
care suites are complete.
At Northbrook Arrowtown, excavation
services and piling works have
continued, as have the high number
of visitors to the display suite. We
are operating with discipline as we
prepare for Stage One of construction,
using the timing of the property
cycle to the project’s advantage.
Construction tenders have been
received, and we are working through
final contractor selection.
During FY26, Northbrook will
continue its momentum, welcoming
more residents, introducing
additional luxurious amenities, and
enabling current residents to live the
life they love, every day.
10
Retirement
10 Julian Cook,
Director of Retirement
11 Northbrook Wānaka,
Wānaka
12-17 Northbrook Wānaka,
Wānaka
ANNUAL REPORT 202512 | WINTON LAND LIMITED
11
ANNUAL REPORT 2025WINTON LAND LIMITED | 13
12
13
14
15
ANNUAL REPORT 202514 | WINTON LAND LIMITED
16
17
ANNUAL REPORT 2025WINTON LAND LIMITED | 15
Commercial
Cracker Bay
Commercial includes Winton’s
investment properties at Lakeside
and Cracker Bay and the operating
businesses at Ayrburn and Cracker
Bay. Commercial revenue for FY25 was
$24.7 million, EBITDA was ($1.8 million).
ANNUAL REPORT 202516 | WINTON LAND LIMITED
18 Cracker Bay,
Auckland
T
he renovation and
refurbishment of the Cracker
Bay office building is almost
complete, offering premium waterfront
facilities for tenants across four levels.
Leasing has progressed well with 71.4%
of Cracker Bay lettable area leased as
at 30 June 2025.
The last of the council resource consent
approvals were received for the wider
Cracker Bay and Northbrook Wynyard
Quarter precinct. The timing of
construction will be determined once
market conditions improve.
18
ANNUAL REPORT 2025WINTON LAND LIMITED | 17
F
Y25 was Ayrburn’s first full
trading year, marked by numerous
significant milestones and hundreds
of thousands of people experiencing the
unique destination firsthand. Based on
recent data, Ayrburn will attract over a
million visitors this year and is on track
to be the most popular and most visited
attraction in the region.
In December, The Bakehouse and R.M.
Prime Produce opened, introducing a
more casual dining experience, a bakery,
a butchery, and a retail space. The opening
of T
he Bakehouse unlocked additional
event opportunities, particularly large-
scale functions, including corporate
events and weddings.
Ayrburn is well-suited to both weddings
of size and more intimate gatherings.
The picturesque island next to Ayrburn
lakes has become a favourite location for
wedding ceremonies, often followed by
a different location for drinks and then
the reception at one of The Woolshed,
The Bakehouse, The Barrel Room, or
Ayrburn’s most recent opening, Billy’s.
The pipeline for wedding bookings
for the next year continues to grow,
with more than double the number of
weddings in FY25 already scheduled.
19
19 Ayrburn Lakes,
Arrowtown
20 The Conservatory, Billy’s,
Ayrburn
Commercial
ANNUAL REPORT 202518 | WINTON LAND LIMITED
20
ANNUAL REPORT 2025WINTON LAND LIMITED | 19
I
n March, Ayrburn hosted the inaugural
Ayrburn Classic, a two-day celebration
of motoring featuring vintage, classic,
and modern luxury cars. Thousands
of people attended, and whether they
were car enthusiasts or not, it was
entertaining and fun for all. We look
forward to the second Ayrburn Classic
on 20 – 22 February 2026, which
promises to be significantly bigger and
better than the first.
The diverse range of events at Ayrburn
attracts a variety of people, whether
it is a concert on The Dell, Opera in
the Park, a jazz night in The Barrel
Room, a corporate private event at The
Bakehouse, ice skating and the mid-
winter wonderland, the Ayrburn easter
egg hunt or Plunket’s Gardens and
Galleries Tour. There truly is something
for everyone.
Ayrburn wine continues to be a valuable
part of the Ayrburn experience and is
being enjoyed as part of a wine flight,
accompanying seated dining, alongside
the creek with friends and family, and
at home. Ayrburn wine is available for
purchase from R.M. Produce, online via
the Ayrburn wine shop and in-store at
boutique retailers. During FY25, 13,000
wine flights of Ayrburn wine were
consumed and 10,000 wine tastings
hosted in The Barrel Room, with Ayrburn
Rosé being the favourite and the
precinct’s biggest seller. During winter,
a fireside mulled wine is at the top of
m
ost Ayrburn visitors’ priority list, with
over 11,000 sold. Aside from wine,
Ayrburn Margaritas are the favourite
year-round cocktail with more than
10,000 sold.
Looking ahead to FY26, the focus at
Ayrburn is on visitor growth, gaining
further efficiencies from the multi-venue
site, continuing to build the event pipeline,
and delivering the high-end Ayrburn
experience to every visitor day or night.
21
Commercial
21 Ayrburn Classic,
Ayrburn
22 Ayrburn Wine Flight,
Manure Room
ANNUAL REPORT 202520 | WINTON LAND LIMITED
22
ANNUAL REPORT 2025WINTON LAND LIMITED | 21
C
onstruction of Billy’s restaurant
and the adjoining conservatory
were completed in June, when we
welcomed our first customers. With a
modern and refined Cantonese-inspired
menu and drinks list and an interior like no
other, it truly is a feast for all the senses.
The Ayrburn Farm Homestead is the last
of the heritage farm buildings at Ayrburn
to be recreated. Originally built in the late
1800s for Ayrburn founders William and
Elizabeth Paterson (Billy and Bessie), it
had 5 bedrooms, 9 fireplaces and it was
the first dwelling in the region to feature
electric lighting. Its transformation took
nearly two years, and, like the other
Ayrburn heritage buildings, it involved
patience and skilled craftsmanship.
The building had to be deconstructed
b
efore being recreated to meet current
building standards and regulations to
be fit for purpose as a new multi-room
h
igh-end Cantonese-inspired restaurant.
The vision for Billy’s was to maintain
the original look on the outside while
transforming the interior to another
world, a celebration of old and new.
Adjoining the original homestead is The
Conservatory, an ultimate immersive
dining experience that feels outdoors,
yet in the warmth of the oversized
glasshouse. Like the rest of Ayrburn,
the landscaping and gardens around
B
illy’s is thoughtful and abundant,
offering a whimsical take on traditional
English and French gardens, with a
strong focus on topiary, including the
200m-long clipped boxwood snake.
Billy’s is open Wednesday – Sunday for
banquet and à la carte dining from 11am,
and private events any day of the week.
23 The Conservatory,
Billy’s, Ayrburn
24
Billy’s,
Ayrburn
Commercial
23
ANNUAL REPORT 202522 | WINTON LAND LIMITED
24
ANNUAL REPORT 2025WINTON LAND LIMITED | 23
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.
P
rior 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 the chairman of NZME Limited and
a director on various other boards.
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,
A
sia-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.
25 ALTA Villas,
Northlake
25
ANNUAL REPORT 202524 | WINTON LAND LIMITED
Senior Management Team
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 to 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
g
overnance experience representing Ngāti Pāoa,
Hauraki and iwi Māori.
Glen is currently the Deputy Chair of the Hauraki
Primary Health Organisation Trust, as well as trustee
or representative for various other entities.
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.
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
JOSH PHILLIPS
Non-Executive Director (Alternate)
BA
Appointed 8 May 2025
Josh is an Associate Director in the Macquarie Asset
Management (MAM) Real Estate Team. He has over 10
years of experience in real estate private equity and
investment banking across Australia, New Zealand and
the UK, with a specialist focus on the residential sectors.
Josh is currently also a director of Local Residential, an
Australian build-to-rent business.
Josh has been appointed to the Board of Winton as
an alternate director to James Kemp and is similarly
a representative of TC Akarua 2 Pty Limited (as trustee
o
f the TC Akarua Sub Trust).
ANNUAL REPORT 2025WINTON LAND LIMITED | 25
Winton has continued to deliver on its
environmental, 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.
Significant work has been completed
during the year to meet the second-year
requirements of the Climate-related
Disclosures, including reporting on
Winton’s transition planning aspects of
its strategy. Winton has also improved
its data accuracy for measurement of its
FY25 emissions and achieved reasonable
assurance of its Scope 1 and Scope 2
emissions and limited assurance of its
Scope 3 emissions.
This ESG section should be read alongside
Winton’s FY25 GHG inventory report
and Winton’s FY25 Climate-related
Disclosures. Both were released to the
NZX and ASX at the same time as Winton’s
Annual Results and are available on the
Winton website: www.investors.winton.nz.
Looking ahead, there is a lot to do across
all three sustainability pillars; however,
Winton remains focused on delivering
long-term positive outcomes across the
different Winton business units.
Winton ESG
26
26 Flower gardens,
Ayrburn
ANNUAL REPORT 202526 | WINTON LAND LIMITED
Sustainability Data
FY25FY24FY23FY22FY211
Thriving Planet
For emission data and intensity metrics, refer to page 29
Fine for environmental breaches ($m)
00
00
0
Thriving People
Number of employees (Full time, Part-time and Casual) 26221165
3527
Number of employees (FTE)179 15265
3527
% of FTE Female45%49%43%
34%30%
% of FTE Male54% 51%57%
66%70%
% of FTE Diverse1% 0%0%
0%0%
Turnover²42% 24%19%
8%
n/a
Senior management gender diversity (% Female)40% 40%40%40%n/a
Senior management gender diversity (% Male)60% 60%60%
60%
n/a
Senior management gender diversity (% Diverse)0% 0%0%n/an/a
Winton Total Recordable Injury Rate (TRIR)32.23.1n/an/an/a
Total incidents reported to Work Safe21000
Workplace fatalities00000
Data breaches00000
Portion of onsite contractors local to project93%95%93%
89%91%
Sustainable Future
Revenue ($m)155.4173.6221.1
161.7205.6
Profit after tax ($m) 10.3 15.764.6
31.746.1
Dividends to shareholders ($m) 0 8.09.3n/an/a
1. Winton became a listed company during FY22, therefore, there is limited data for FY21.
2. Turnover is measured across full-time permanent employees only.
3. TRIR is calculated by considering incidents versus contractor hours. Contractor hours are specific to contractors onsite. FY24 was the first year Winton TRIR was reported.
.
ANNUAL REPORT 2025WINTON LAND LIMITED | 27
FY25 Contribution Towards Commitments
• Completed second climate-related
disclosure, including additional
transition planning disclosure.
•
I
mproved data quality of GHG
emissions inventory, including the
reduction in the reliance on spend-
based emission factors by 14.47%.
•
M
easured all waste on construction
sites in FY25 and achieved 34%
diversion from landfill.
•
Of all Winton waste, 31% was diverted
from landfill.
• Spent $3.7 million on landscaping,
trees and planting, benefiting the
environment and contributing to
climate change mitigation.
• As well as providing the land, Winton
has supported Nga Muka (a cluster of
Waikato-Tainui Marae), who is leading
a community project, to establish
a Kahikatea plantation on a portion
of Lakeside land near Lake Waikare,
along with other native wetland
plants. Through a successful funding
application process, Waikato River
Authority is the primary funder for the
initiative and the local community is
on board to bring Nga Muka’s vision to
life. There have been 2,500 trees and
plants planted to date, mostly by the
local college, and the next tranche will
include 3,500 trees and plants. It is a
three-year project, of which Winton
will continue to support, assisting with
funding applications, maintenance, and
site preparation. The site will eventually
be vested to Waikato District Council as
part of the Lakeside recreation reserve
and will be available to the public.
•
R
eceived resource consent to
introduce native kōura species into
Ayrburn lakes.
•
C
ontinued to increase Trout numbers
in Mill Creek, being a reflection of the
various initiatives to improve water
quality, fish spawning and biodiversity
of Mill Creek.
•
P
artnered with a local iwi organisation
to supply and plant native regenerative
plants along the ephemeral creek that
runs into Mill Creek.
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 202528 | WINTON LAND LIMITED
GHG Emissions FY25 Inventory Summary
For full details of Winton’s GHG emission inventory, refer to its FY25 Climate-related disclosure and FY25 GHG Inventory Report,
available at: investors.winton.nz/investor-centre/. Winton’s GHG emissions inventory has been externally assured by Deloitte Limited.
Thriving Planet
GHG
Protocol
Category
(ISO 14064-1:2018)
FY25
TCO₂e
FY24
TCO₂e
(base year)
FY23
TCO₂e
FY22
TCO₂e
Scope 1Category 1: Direct emissions 337.01 179.08 76.73
72.18
Scope 2
Category 2: Indirect emissions from imported energy
(location-based method*)
144.93 58.54 18.02 11.16
Scope 3
Category 3: Indirect emissions from transportation 139.69 187.11 166.20 95.11
Category 4: Indirect emissions from products used by organisation20,114.23 24,383.04 116.22 6.45
Total direct emissions337.01 179.08 76.73 72.18
Total indirect emissions*20,398.85 24,628.69 300.44 112.72
Total gross emissions*20,735.86 24,807.77 377.17 184.90
Total net emissions20,735.86 24,807.77 377.17 184.90
GHG intensity – Revenue $M/tCO₂e**
133.4142.9n/an/a
*Emissions are reported using a location-based methodology.
**This is not assured by Deloitte Limited.
Winton does not have any emissions data for direct CO₂ emissions from biologically sequestered carbon. Carbon intensity has not been included for FY23 and FY22 as Total net
emissions for these two years didn’t include material Scope 3 emissions and therefore not comparable to FY24 and FY25.
ANNUAL REPORT 2025WINTON LAND LIMITED | 29
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 horizonBase yearTarget yearProgress
Introduce a Supplier Code of Conduct for Suppliers
that represent the top 90% of onsite contractor costs.
ShortFY24FY27*Not Complete
100% of onsite contractors report monthly waste
collected onsite.
ShortFY24FY25Complete
Divert 40% of onsite construction waste from landfill.ShortFY25FY28In Progress
Implement Design Guidelines for all projects.ShortFY24FY27*Not Complete
Reduce reliance on spend-based emission factors by at
least 15% per year until below 30% of total emissions.
ShortFY24 OngoingAchieved FY25
Implement an operational waste avoidance plan for
Northbrook prior to the start of becoming operational.
ShortFY24FY26Not Complete
Time horizons align with time horizons used for the scenario analysis to better align with business operations
*Target year revised in FY25.
27
27 Village Centre,
Lakeside
28
Ayrburn Lakes,
Arrowtown
ANNUAL REPORT 202530 | WINTON LAND LIMITED
28
ANNUAL REPORT 2025WINTON LAND LIMITED | 31
FY25 Contribution Towards Commitments
• Supported local businesses, with
93% of Winton’s onsite works
completed by contractors local to
the contracted project.
•
Funded $4.7 million in development
contributions, which will improve
infrastructure and support the long-
term growth of the community.
•
Contributed $928,000 towards the
communities that Winton operates
within via rates.
•
G
rew high-quality watercress in
Mill Creek that is available for the
community to use and features on the
Ayrburn menu.
•
D
econstructed and recreated the last
of the heritage buildings at Ayrburn,
the 1800s Ayrburn homestead.
• Sponsored the Lake Hayes A&P
Show, keeping alive the Ayrburn
connection to the A&P Show, given
that the first one in the district was
held at Ayrburn in 1904.
•
Sponsored a number of other
initiatives to support the communities
that Winton operates in, including
the local Wānaka production by
O
nstage Wānaka.
• Donated $56,163 towards different
charities, supporting the communities
that Winton operates in.
•
Hosted registration of Plunket’s
Gardens and Galleries Tour at Ayrburn
and offered Ayrburn garden tours,
where all proceeds from ticket sales
went to Plunket.
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 202532 | WINTON LAND LIMITED
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 and contractor
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’
activities and industry best practices.
There is a master health and safety
system and a risk register for each part of
the business (land development, vertical
construction, retirement, 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, contractor
management and operational phases of
projects and businesses.
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 regularly.
This ensures a good level of understanding
and skill level is maintained. Site visits
are frequently undertaken for all relevant
persons in this business, from Directors
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, retirement, 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 phases and requires
specific safety plans for the retirement,
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. The BWARE
software safety platform continues to be
utilised and expanded across the business,
the Northbrook Wānaka and Cracker
Bay Dry Stack operational teams being
the latest to transition to the platform.
Winton will continue to improve its use of
technology, as and when the technology
and the appropriate projects arise.
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 FY25, Winton
notified two events 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
co
ntractual 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
FY25, this was 2.2 which represents an
improvement from 3.1 in FY24. Winton’s
aspiration is to have an industry-leading
health and safety process that continually
focuses on harm prevention through
leadership, innovation, commitment,
training, and full stakeholder engagement.
The focus for FY25 has been on
identifying and managing critical risk –
a number of group-led broad-brush risk
a
ssessments have been undertaken with
a focus on identifying critical risk. The
overarching risk matrix for the business
has been reviewed with minor updates
made, and the revised version has been
adopted for implementation.
ANNUAL REPORT 2025WINTON LAND LIMITED | 33
FY25 Contribution Towards Commitments
• Winton continues to execute from
its longstanding presale strategy
with 266 units settled, contributing to
$
155.4 million revenue and $10.3 million
profit after tax.
•
T
he Board has paused paying a
dividend to maintain financial discipline
during softer market conditions.
•
Winton made progress on its strategy
to diversify revenue, and in FY25, it
completed Stage One at Northbrook
Wānaka, initiating retirement revenue,
opened two additional venues at
Ayrburn, and welcomed new tenants
to the renovated Cracker Bay offices.
• Winton increased the number of
employees from 211 in FY24 to 262
in FY25, mainly to support the new
venues at Ayrburn.
•
Two major development projects
were accepted into the Fast-track
process under the Fast-track
Approvals Act 2024.
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
29 Ayrburn Film Hub,
Arrowtown
(artist impression)
ANNUAL REPORT 202534 | WINTON LAND LIMITED
29
ANNUAL REPORT 2025WINTON LAND LIMITED | 35
ANNUAL REPORT 202536 | WINTON LAND LIMITED
30 Billy’s and Ayrburn Lakes,
Ayrburn
FINANCIAL
STATEMENTS
ANNUAL REPORT 2025WINTON LAND LIMITED | 37
Consolidated Statement of Comprehensive Income
For the year ended 30 June 2025
ALL VALUES IN $000'SNOTE20252024
Revenue3 155,447 173,597
Cost of goods sold (95,930) (103,325)
Gross profit 59,517 70,272
Fair value gain / (loss) on investment properties5 5,062 (1,718)
Selling expenses10.1 (4 , 45 0) (6,037)
Property expenses (1,844) (1,654)
Employee benefits expense(20,334)(17,373)
Administrative expenses10.2 (15,484) (12,761)
Share-based payment expense10.12 (1,179) (1,208)
Total expenses (38,229)(40,751)
Earnings before interest, taxation, depreciation and amortisation (EBITDA) 21,288 29,521
Amortisation (567) (567)
Depreciation (4 ,75 4) (2,905)
Earnings before interest and taxation (EBIT) 15,967 26,049
Interest income 1,477 3,905
Interest expense and bank fees (2, 274) (2,460)
Profit before income tax 15,170 27, 49 4
Income tax expense
Current taxation10.3 (550) ( 7, 276)
Deferred taxation10.3 (4 , 2 9 8) (4 , 472)
Total income tax expense (4 , 8 4 8) ( 11 ,748)
Profit after income tax 10,322 15 ,746
Items that may be reclassified to profit or loss:
Movement in currency translation reserve (35) 15
Total comprehensive income after income tax attributable
to the shareholders of the Company
1
0,287
15,761
B
asic earnings per share (cents)9.1 3.48 5.31
Diluted earnings per share (cents)9.2 3.36 5.12
The accompanying notes form part of these financial statements.
ANNUAL REPORT 202538 | WINTON LAND LIMITED
Consolidated Statement of Changes in Equity
For the year ended 30 June 2025
ALL VALUES IN $000'S NOTE
SHARE
CAPITAL
RETAINE D
EARNINGS
SHARE-BASED
PAYME NTS
R
ESERVE
FOREIGN
CURRENCY
TR ANSL ATION
RESERVE
TOTAL
EQUITY
Balance as at 1 July 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 shareholders10.4 - (8,038) - - (8,038)
Share-based payment expense10.12 - - 1,412 - 1,412
Balance as at 30 June 2024 386,595 129,410 3,750 (206) 519,549
Profit after income tax - 10,322 - - 10,322
Other comprehensive income - - - (35) (35)
Share-based payment expense10.12 - - 1,371 - 1,371
Balance as at 30 June 2025 386,595 139,732 5,121 (241) 531,207
The accompanying notes form part of these financial statements.
ANNUAL REPORT 2025WINTON LAND LIMITED | 39
ALL VALUES IN $000'SNOTE20252024
CURRENT ASSETS
Cash and cash equivalents10.9 20,279 41,689
Accounts receivable, prepayments and other receivables10.5 4,700 5,849
Inventories4 46,368 79,053
Total current assets 71,347 126,591
NON-CURRENT ASSETS
Inventories4 179,328 168,200
Investment properties5 358,378 277,440
Property, plant and equipment6 93,373 79,839
Intangible assets10.6 1,468 1,993
Total non-current assets 632,547 527,472
Total assets 703,894 654,063
CURRENT LIABILITIES
Accounts payable, accruals and other payables10.7 14,497 24,187
Current lease liabilities10.8 36 33
Taxation payable 265 5,794
Borrowings7 17,331 -
Revenue received in advance3 761 -
Residents' loans8 12,980 -
Total current liabilities 45,870 30,014
NON-CURRENT LIABILITIES
Borrowings7 82,101 64,046
Non-current lease liabilities10.8 20,302 20,338
Deferred tax liabilities10.3 24,414 20,116
Total non-current liabilities 126,817 104,500
Total liabilities 172,687 134,514
Net assets 531,207 519,549
EQUITY
Share capital10.4 386,595 386,595
Foreign currency translation reserve (241) (206)
Share-based payment reserve 5,121 3,750
Retained earnings 139,732 129,410
Total equity 531,207 519,549
These Group financial statements are signed on behalf of Winton Land Limited and were authorised for issue on 27 August 2025.
The accompanying notes form part of these financial statements.
Chris Meehan
Chair
S
teven Joyce
Chair, Audit and Financial Risk Committee
Consolidated Statement of Financial Position
As at 30 June 2025
ANNUAL REPORT 202540 | WINTON LAND LIMITED
ALL VALUES IN $000'SNOTE20252024
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 155,164 173,556
Receipts from new occupational right agreements 13,825 -
Interest received 1,477 3,905
Net GST paid (754) (6,790)
Payments to suppliers and employees (93,611) (103,723)
Purchase of development land (25,400) -
Deposits paid on contracts for land - (25,400)
Interest and other finance costs paid (2,274) (2,460)
Income tax paid (6,079) (24,877)
Net cash flows from operating activities 42,348 14,211
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from sale of property, plant and equipment 761 12
Intangible assets acquired (42) (81)
Acquisition of land for investment properties5 - (716)
Payments to suppliers and employees for investment properties (72,638) (56,865)
Acquisition of property, plant and equipment (19,498) (42,051)
Net cash flows from investing activities (91,417) (99,701)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings7 83,669 77,321
Repayment of borrowings7 (55,977) (17,215)
Payment of dividends10.4 - (8,038)
Payment of principal portion of lease liabilities (33) (1,199)
Net cash flows from financing activities 27,659 50,869
Net increase in cash and cash equivalents (21,410) (34,621)
Cash and cash equivalents at beginning of year 41,689 76,310
Cash and cash equivalents at end of year 20,279 41,689
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 41
ALL VALUES IN $000'S20252024
RECONCILIATION OF PROFIT AFTER INCOME TAX TO CASH FLOWS
FROM OPERATING ACTIVITIES
Pr
ofit after income tax 10,322 15,746
Adjusted for non cash items:
Amortisation 567 567
Depreciation 4,754 2,624
Depreciation of right of use asset - 281
Deferred taxation 4,298 4,472
Deferred management fee amortisation (84) -
Fair value (gain) / loss on investment properties (5,062) 1,718
Share-based payment expense 1,179 1,208
Income tax (5,529) (17,601)
Adjustments for movements in working capital
Decrease in accounts receivable, prepayments and other assets 1,149 1,024
Decrease in inventories 26,427 9,442
Decrease in accounts payable, accruals and other liabilities (9,690) (5,953)
Increase in accrued borrowing costs 276 683
Increase in residents' loans net of non-cash amortisation 13,741 -
Net cash flows from operating activities 42,348 14,211
The accompanying notes form part of these financial statements.
Consolidated Statement of Cash Flows
For the year ended 30 June 2025
ANNUAL REPORT 202542 | 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 and operates
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:
3.
Re
venue – page 46
4.
In
ventories – page 47
5.
In
vestment properties – page 48
10.6
Intangible as
sets – page 56
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.
Ma
terial 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 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 43
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.
An
y 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
In May 2024 the External Reporting Board issued NZ IFRS 18: Presentation and Disclosure in Financial Statements (NZ IFRS 18),
effective for reporting periods commencing on or after 1 January 2027. This accounting standard is expected to change the
presentation of the Group’s Statement of Comprehensive Income and may introduce additional note disclosures. The assessment
of the potential impact of NZ IFRS 18 on financial statements is still in progress and has not been completed yet. Other standards,
amendments and interpretations which are not yet effective are not expected to have a material impact on the Group.
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 2025
ANNUAL REPORT 202544 | 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:
2025
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Revenue 130,300 451 24,696 - 155,447
Cost of goods sold (89,475) - (6,455) - (95,930)
Gross profit 40,825 451 18,241 - 59,517
Fair value gain / (loss) on investment properties - 7,552 (2,490) - 5,062
Selling expenses (3,044) (737) (629) (40) (4,450)
Property expenses (966) (544) (334) - (1,844)
Employee benefits expense (7,865) (1,066) (11,403) - (20,334)
Administrative expenses (7,015) (981) (5,135) (2,353) (15,484)
Share-based payment expense- - - (1,179) (1,179)
Total expenses (18,890) 4,224 (19,991) (3,572) (38,229)
EBITDA 21,935 4,675 (1,750) (3,572) 21,288
Amortisation - - (567) - (567)
Depreciation (789) (307) (3,658) - (4,754)
EBIT 21,146 4,368 (5,975) (3,572) 15,967
2024
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Revenue 162,526 55 11,016 - 173,597
Cost of goods sold (100,681) - (2,644) - (103,325)
Gross profit 61,845 55 8,372 - 70,272
Fair value gain / (loss) on investment properties - 1,787 (3,505) - (1,718)
Selling expenses (3,424) (1,846) (753) (14) (6,037)
Property expenses (644) (492) (518) - (1,654)
Employee benefits expense (9,402) (1,193) (6,778) - (17,373)
Administrative expenses (3,397) (718) (5,163) (3,483) (12,761)
Share-based payment expense - - - (1,208) (1,208)
Total expenses (16,867) (2,462) (16,717) (4,705) (40,751)
EBITDA 44,978 (2,407) (8,345) (4,705) 29,521
Amortisation - - (567) - (567)
Depreciation (652) (226) (1,746) (281) (2,905)
EBIT 44,326 (2,633) (10,658) (4,986) 26,049
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 45
2. Segment Reporting (Continued)
(ii) Information about reportable segments (Continued)
2025
ALL VALUES IN $000'SRESIDENTIALRETIREMENTCOMMERCIALUNALLOCATEDTOTAL
Segment assets and liabilities
Inventories 221,802 - 3,894 - 225,696
Investment Properties - 283,998 74,380 - 358,378
Property, plant and equipment 650 7,669 80,995 4,059 93,373
Other assets 1,482 698 3,622 20,645 26,447
Total assets 223,934 292,365 162,891 24,704 703,894
Total liabilities 111,799 16,314 42,921 1,653 172,687
Net assets 112,135 276,051 119,970 23,051 531,207
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
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 $14,000 (2024: $5,788,000) and EBITDA and EBIT of ($127,000)
(2024: $3,616,000).
3. Revenue
ALL VALUES IN $000'S20252024
Sales revenue 130,108 162,082
Deferred management fees 84 -
Other revenue 25,255 11,515
Total revenue 155,447 173,597
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.
Deferred management fees are considered lease income and are payable by residents of the Group’s units under the terms of
their Occupational Right Agreement (ORA). Management fees are typically payable on termination of the ORA up to a maximum
percentage of a resident’s occupation licence for the right to share in the use and enjoyment of common facilities.
Other revenue includes hospitality revenue, village service fees and other income.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 202546 | WINTON LAND LIMITED
3. Revenue (Continued)
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.
Village service fees are charged to residents to recover a portion of village operating costs associated with services provided
including staff wages, rates, and electricity. An ORA is in place with all village residents who receive the benefit of services
throughout their stay. Village service fees are recognised over time as services are rendered.
Key estimates and assumptions
The timing of the recognition of deferred management fees is a critical accounting estimate and judgement. The deferred management
fee is recognised on a straight line basis over the average expected occupancy. Estimates of deferred management fee tenure are
reviewed periodically. Where a change is made, it is the Group’s policy to recognise the aggregate impact of this change in the period
in which the change in estimate occurs. Where the deferred management fees over the contractual period exceed the amortisation of
the deferred management fee based on estimated tenure, the amount is recorded as a liability (revenue in advance).
4. Inventories
ALL VALUES IN $000'S20252024
Expected to settle within one year 46,368 79,053
Expected to settle greater than one year 179,328 168,200
Total inventories 225,696 247,253
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 is capitalised during the
period when active development is taking place. During the year ended 30 June 2025, interest has been capitalised to inventories of
$4,077,000 (2024: $598,000). Interest and other holding costs incurred after completion of development are expensed as incurred.
Inventories include deposits paid on contracts for development land of $14,400,000 (2024: $69,140,000).
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).
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 47
5. Investment properties
ALL VALUES IN $000'SNOTE20252024
Opening balance 277,440 207,517
Acquisitions - 716
Right-of-use asset reassessment - 10,549
Unrealised fair value gain / (loss) 5,062 (1,718)
Disposals - (170)
Capital expenditure 75,876 60,546
Total investment properties 358,378 277,440
Less: lease liability (20,338) (20,371)
Total investment properties excluding NZ IFRS 16 lease adjustments 338,040 257,069
ALLALL VALUES IN $000'S VALUES IN $000'S2025202520242024
Retirement village land measured at fair value 179,553 116,521
Commercial properties measured at fair value 44,603 42,251
Investment properties under development measured at cost 113,884 98,297
Total investment properties excluding NZ IFRS 16 lease adjustments 338,040 257,069
ALLALL VALUES IN $000'S VALUES IN $000'S2025202520242024
Valuation 210,415 158,772
Plus: Residents' loans 12,980 -
Plus: Revenue received in advance 761 -
Investment properties under development measured at cost 113,884 98,297
Plus: Lease liability 20,338 20,371
Total investment properties 358,378 277,440
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 2025, interest has been capitalised to investment properties of $3,047,000
(2024: $3,477,000). During the year ended 30 June 2025, $192,000 of share-based payment expense has been capitalised to
in
vestment properties (2024: $204,000). Investment Properties include a right-of-use asset of $22,046,000 (2024: $22,046,000).
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 202548 | WINTON LAND LIMITED
5. Investment properties (Continued)
Key estimates and assumptions
The Board determined that independent valuations of the investment property portfolio where the fair value can be reliably
measured should be undertaken at 30 June 2025 in order to ensure that investment properties are held at fair value. The Board
determined that full valuations were appropriate for Northbrook Wānaka Stage 1 and land, Northbrook Wynyard land, Northbrook
Avon Loop land, Northbrook Launch Bay land, Lakeside Commercial and Cracker Bay and these were performed by Jones Lang
LaSalle, Extensor Advisory Limited and Bayleys. As part of the valuation process, the Group’s management verifies all major
inputs to the independent valuation reports, assesses movements in individual property values and holds discussions with the
independent valuer.
The fair value was determined using Level 3 valuation techniques via a combination of the following approaches:
•
Sales comparison: the key assumptions being land value per square metre.
•
Direct capitalisation: the property rental is divided by a market derived capitalisation rate to assess the market value of the
asset. Further adjustments are then made to the market value to reflect under or over renting, additional revenue and required
capital expenditure.
Below are the significant inputs used in the valuations, together with the impact on the fair value of a change in the inputs:
MEASUREMENT SENSITIVITY
RANGE OF SIGNIFICANT
UNOBSERVABLE INPUTS
INCREA
SE IN
INPUT
DECREASE IN
INPUT
Land value ($ 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.
T
he 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
V
aluation 179,553
Change (5,036) 5,070
Change (%)-2.68%2.70%
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%
V
aluation 44,603
Change (5,756) 2,088 (1,357) 1,471
Change (%)-12.56%4.56%-2.96%3.21%
One investment property could not be reliably measured as at 30 June 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. All other investment properties under
development are related to investment properties 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.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 49
6. Property, plant and equipment
ALL VALUES IN $000'S
WORK IN
PROGRESSLANDBUILDINGS
FURNITURE,
FIXTURES
AND FITTINGS
MOTOR
VEHICLES
PLANT AND
EQUIPMENTTOTAL
COST
As at 1 July 2024 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
Additions 17,475 - 461 591 134 134 18,795
Transfers (46,520) 9,692 32,428 4,368 - 32 -
Disposals - - (1) (895) (89) (97) (1,082)
As at 30 June 2025 4,857 9,692 69,994 13,916 2,005 1,710 102,174
ACCUMULATED DEPRECIATION
As at 1 July 2024 - - 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
Depreciation - - 2,849 1,367 261 277 4,754
Disposals - - (1) (455) (37) (82) (575)
As at 30 June 2025 - - 4,692 2,460 742 907 8,801
NET BOOK VALUE
As at 30 June 2024 33,902 - 35,262 8,304 1,442 929 79,839
As at 30 June 2025 4,857 9,692 65,302 11,456 1,263 803 93,373
Also included in buildings category is buildings fitout.
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% – 6
7% (2024: 2% – 67%)
•
Furnitur
e, fixtures and fittings
2% – 6
7% (2024: 2% – 67%)
•
Mot
or Vehicles
10% – 6
7% (2024: 10% – 50%)
•
Plant and equipment
10% – 6
7% (2024: 13% – 67%)
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 202550 | WINTON LAND LIMITED
7. Borrowings
(i) Net borrowings
ALL VALUES IN $000’S20252024
MMLIC (Lakeside) facility drawn down 49,443 64,763
MCCB facility drawn down 17,498 -
BNZ facility drawn down 20,571 -
MMLIC (Northlake) facility drawn down 12,914 -
Unamortised borrowings establishment costs (994) (717)
Net borrowings 99,432 64,046
Weighted average interest rate of drawn debt (inclusive of margin and line fees)8.66%10.35%
Weighted average term to maturity (years) 1.7 3.5
ALL VALUES IN $000’S20252024
Current 17,331 -
Non current 82,101 64,046
Net borrowings 99,432 64,046
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 (Lakeside) facility
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 general security deed provided by LDL and a registered mortgage security across the
Lakeside development property.
(iii) MCCB facility
On 18 November 2024, Cracker Bay Holdings Limited (CBH, 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 $18,341,000. The
facility expires 18 November 2025. The MCCB facility is secured by way of general security deed provided by CBH and a registered
mortgage security across the Cracker Bay development property.
(iv) BNZ facility
On 10 February 2025, Sunfield Developments Limited (SDL, a 100% subsidiary company of the Company) entered into a debt
facility with Bank of New Zealand (BNZ) for $22,500,000. The facility expires 10 August 2026. The BNZ facility is secured by way
of general security deed provided by SDL and a registered mortgage security across the Sunfield development property.
(v) MMLIC (Northlake) facility
On 10 March 2025, Northlake Investments Limited (NIL, a 100% subsidiary company of the Company) entered into a debt facility
with MMLIC for $22,500,000. The facility expires 10 March 2027. The MMLIC (Northlake) facility is secured by way of general
security deed provided by NIL and a registered mortgage security across the Northlake Stage 18 development property.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 51
8. Residents’ loans
ALL VALUES IN $000’S20252024
Opening balance - -
Receipts for residents' loans – new occupation right agreements 13,825 -
Less: Management fee receivable (per contract) (845) -
Total residents’ loans 12,980 -
Residents’ loans are amounts payable under occupation right agreements. An occupation right agreement confers a right of
occupancy to a retirement unit. The consideration received on the grant of an occupation right agreement is allocated to the
resident’s loan in full. These loans are non-interest bearing and are payable when both an occupation right agreement is terminated
and there has been settlement of a new occupation right agreement for the same unit and the proceeds from the new settlement
have been received by the Group. Residents’ loans are initially recognised at fair value and subsequently measured at amortised
cost. The management fee receivable is recognised in accordance with the terms of the resident’s occupation right agreement.
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
20252024
Profit after income tax ($000s) 10,322 15,746
Weighted average number of ordinary shares (shares) 296,613,736 296,613,736
Basic earnings per share (cents) 3.48 5.31
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 10,285,538 share options (30 June
2024: 11,009,735) issued under the Group’s Share Option Plan as at 30 June. This adjustment has been calculated using the
treasury share method.
20252024
Weighted average number of ordinary shares (shares) for basic earnings per share 296,613,736 296,613,736
Effect of share options dilution 10,696,133 10,821,884
Weighted average number of ordinary shares (shares) for diluted earnings per share 307,309,869 307,435,620
20252024
Profit after income tax ($000s) 10,322 15,746
Weighted average number of ordinary shares (shares) 307,309,869 307,435,620
Diluted earnings per share (cents) 3.36 5.12
10. Other
10.1. Selling expenses
Selling expenses include all costs related to the sale of inventory, primarily sales commissions, marketing and legal expenses.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 202552 | WINTON LAND LIMITED
10. Other (Continued)
10.2. Administrative expenses
ALL VALUES IN $000'S20252024
Auditors remuneration:
Audit and review financial statements (213) (161)
Review of interim group financial statements (38) (37)
Audit or review related services – Statutory Supervisor Reporting (24) (23)
Directors' fees (464) (458)
Legal expense (5,410) (3,033)
Operating lease and rental payments (499) (288)
Establishment costs (555) (2,749)
Other expenses (8,281) (6,012)
Total administrative expenses (15,484) (12,761)
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.
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 $499,000 (2024: $288,000).
10.3. Taxation
(i) Reconciliation of accounting profit before income tax to income tax expense
ALL VALUES IN $000'S20252024
Profit before income tax 15,170 27,494
Prima facie income tax calculated at 28% (4,248) (7,698)
Adjusted for:
Prior period adjustment 129 75
Non-tax deductible revenue and expenses (592) (1,105)
Movement in temporary differences 4,202 1,522
Tax losses not utilised (41) -
Difference in tax rates - (70)
Current taxation expense (550) (7,276)
Prior period adjustment (131) 45
Deferred tax on buildings – refer note 10.15 59 (2,923)
Fair value gain on investment properties (2,033) (590)
Intangible asset 159 159
Capitalised interest (1,209) (488)
Inventories (96) (366)
Other (1,047) (309)
Deferred taxation expense (4,298) (4,472)
Total taxation reported in Consolidated Statement of Comprehensive Income (4,848) (11,748)
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 53
10. Other (Continued)
10.3. Taxation (Continued)
(ii) Deferred taxation
ALL VALUES IN $000'S
2023
AS AT
2024
RECOGNISED
IN PROFIT
2024
AS AT
2025
RECOGNISED
IN PROFIT
20
25
AS AT
Deferred tax assets
Employee benefits 288 179 467 (18) 449
Accounts payable, accruals and other payables 545 (210) 335 (51) 284
Accounts payable, accruals and other payables 3,086 2,618 5,704 (9) 5,695
Lease liability 590 338 928 330 1,258
Share-based payment reserve - - - 41 41
Gross deferred tax assets 4,509 2,925 7,434 293 7,727
Deferred tax liabilities
Accounts receivable, prepayments and other receivables (108) 150 42 29 71
Right-of-use asset 3,298 2,875 6,173 - 6,173
Inventories 11,463 784 12,247 1,406 13,653
Intangible asset 660 (159) 501 (159) 342
Property, plant and equipment – refer note 10.15 - 2,923 2,923 (59) 2,864
Investment properties 4,840 824 5,664 3,374 9,038
Gross deferred tax liabilities 20,153 7,397 27,550 4,591 32,141
Net deferred tax liability(15,644) (4,472) (20,116) (4,298) (24,414)
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 2025
ANNUAL REPORT 202554 | WINTON LAND LIMITED
10. Other (Continued)
10.3. 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’S20252024
Opening balance 38,446 35,189
Taxation paid / payable 674 6,216
Imputation credits attached to dividends paid - (2,959)
Closing balance available to shareholders for use in subsequent periods 39,120 38,446
10.4. 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'S20252024
2.16 cents per qualifying ordinary share – 22/08/23 - 6,407
0.55 cents per qualifying ordinary share – 20/02/24 - 1,631
Total dividends - 8,038
10.5. Accounts receivable, prepayments and other receivables
ALL VALUES IN $000'S20252024
Accounts receivable 652 261
Prepayments and other receivables 4,048 5,588
Total accounts receivable, prepayments and other receivables
4,700 5,849
As at 30 June 2025, prepayments and other receivables includes retention monies held in accordance with the Construction
Contracts Act of $1,841,000 (2024: $3,040,000).
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.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 55
10. Other (Continued)
10.6. Intangible assets
ALL VALUES IN $000'S20252024
Opening balance 1,993 2,479
Acquisitions 42 81
Amortisation (567) (567)
Total intangible assets 1,468 1,993
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 $1,222,000 as at 30 June (2024: $1,789,000). The useful lives as at 30 June
2025 for the customer contracts acquired was between two and five years with no residual value (2024: 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.
10.7. Accounts payable, accruals and other payables
ALL VALUES IN $000'S20252024
Accounts payable 7,182 15,249
Accruals and other payables in respect of inventories 2,733 3,888
Accruals and other payables
4,582 5,050
Total accounts payable, accruals and other payables 14,497 24,187
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.
10.8. Lease liabilities
ALL VALUES IN $000'S20252024
Opening balance 20,371 11,021
Lease liability reassessment - 10,549
Lease liability interest expense 1,952 1,133
Rent paid (1,985) (2,332)
Total lease liabilities 20,338 20,371
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 202556 | WINTON LAND LIMITED
10. Other (Continued)
10.8. Lease liabilities (Continued)
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. In the prior year this increased 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.
10.9. 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'S20252024
Financial assets
Cash and cash equivalents1 20,279 41,689
Accounts receivable and other receivables 4,246 5,266
Total financial assets 24,525 46,955
Financial liabilities
Accounts payable and other payables 10,140 20,100
Residents' loans 12,980 -
Lease liabilities 20,338 20,371
Borrowings 99,432 64,046
Total financial liabilities 142,890 104,517
1. Comprises solely of cash at bank.
The carrying amount of financial assets and liabilities presented above are reasonable approximations of their fair value.
10.10. 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.
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 57
10. Other (Continued)
10.10. Financial risk management (Continued)
(a) Interest rate risk
The Group’s exposure to the risk of changes in interest rates relates primarily to the Group’s borrowings with a floating interest rate.
The following sensitivity analysis shows the effect on profit before tax and equity if interest rates at balance date had been
50 basis points (0.50%) higher or lower with all other variables held constant.
20252024
ALL VALUES IN $000’S
GAIN/(LOSS)
ON INCREASE
OF 0.50%
GAIN/(L
OSS)
ON DECREASE
OF 0.50%
GAIN/(L
OSS)
ON INCREASE
OF 0.50%
GAIN/(L
OSS)
ON DECREASE
OF 0.50%
Impact on profit before tax (497) 497 (9) 99
Impact on equity (358) 358 (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.
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 10.9 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 YEARSTOT
AL
Accounts payable, accruals and other payables 10,140 10,140 - - - 10,140
Residents’ loans 12,980 12,980 - - - 12,980
Lease liabilities 20,338 1,985 1,985 5,955 79,955 89,880
Borrowings 99,432 59,126 53,377 - - 112,503
Total as at 30 June 2025 142,890 84,231 55,362 5,955 79,955 225,503
Accounts payable, accruals and other payables 20,100 20,100 - - - 20,100
Lease liabilities 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
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 202558 | WINTON LAND LIMITED
10. Other (Continued)
10.10. Financial risk management (Continued)
(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.
10.11. 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'S20252024
Employee benefits expense 4,045 4,427
Share-based payment expense 1,338 1,338
Directors' fees 172 167
Total key management personnel remuneration 5,555 5,932
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'S20252024
Key management personnel - 2,263
Employees - 3,160
Revenue from contracts with customers
- 5,423
As at 30 June, the Group has also entered into agreements for the sale of residential properties with Executive Directors
for $18,852,000 (2024: $18,852,000), key management personnel for nil (2024: nil) and employees for $2,300,000 (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 year, the Group incurred
$331,000 of development costs categorised as inventories (2024: $619,000) from WEL. As at 30 June 2025 there was nil (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 year, the Group incurred
nil development costs categorised as inventories (2024: $10,000) from JAS. As at 30 June 2025 there was nil (2024: nil) 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 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 59
10. Other (Continued)
10.12. 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)20252024
Opening balance 11,010 10,833
Granted during the year - 320
Forfeited during the year (724) (143)
As at 30 June
10,286 11,010
The weighted-average exercise price of all share options is $3.8870. The weighted-average remaining contractual life for the share
options outstanding as at 30 June 2025 was 4.9 years (2024: 5.9 years).
The fair value of the share options has been measured using the Black-Scholes formula. The requirement that the employee has
to save in order to purchase shares under the share option scheme has been incorporated into that fair value at grant date by
applying a discount to the valuation obtained. The inputs used in measurement of the fair values at grant date of the share options
were as follows.
Fair value at grant date (weighted-average) ($)1.098
Share price at grant date (weighted-average) ($)3.8745
Exercise price ($)3.8870
Expected volatility (weighted-average)25.3%
Expected life (weighted-average) 8.4 years
Expected dividends (weighted-average)2.50%
Risk-free interest rate (based on government bonds) (weighted-average)
2.50%
The fair value of the share options as at 30 June 2025 is $5,121,000 (2024: $3,750,000).
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
ANNUAL REPORT 202560 | WINTON LAND LIMITED
10. Other (Continued)
10.12. 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.
10.13. 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
-
B
ridesdale Farm Developments
Limited
-
C
racker Bay Holdings Limited
-
C
racker Bay Operating Limited
-
C
B Holdco Limited (incorporated
30 October 2024)
-
F
rancis Street Developments Pty
Limited
-
G
oodfellows Te Kauwhata Limited
(incorporated 4 July 2024)
-
L
akeside Commercial Limited
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
The Company also holds a 25% interest in WMC Development GP Limited. On 5 July 2024, Lakeside Residential Limited
was deregistered.
-
L
akeside Developments 2017 Limited
- Longreach Developments Limited
- Marlborough Precinct Holdings
Limited
-
M
arlborough Precinct Residential
Limited
-
Northbrook Arrowtown Limited
- Northbrook Avon Loop Limited
- Northbrook Launch Bay Limited
-
N
orthbrook Retirement Villages
Limited
-
Northbrook Wānaka Limited
-
Northbrook Wynyard Limited
- Northlake Investments Limited
- Northlake Residential Limited
-
Northlake Townhouses Limited
- Parnell Developments Limited
(deregistered 10 July 2025)
- River Terrace Developments Limited
-
R
iver Terrace Residential Limited
- Sunfield Construction Limited
- Sunfield Developments Limited
- Sunfield Residential Limited
- Waterfall Park Developments Limited
- Winton Capital Limited
-
W
inton Design Review Limited
(previously named Northlake
Developments Limited)
-
Winton Fund Limited
-
W
inton Group Holdings Limited
- Winton Partners Bellbird Pty Limited
- Winton Property Investments Limited
ANNUAL REPORT 2025WINTON LAND LIMITED | 61
Notes to the Consolidated Financial Statements
For the year ended 30 June 2025
10. Other (Continued)
10.14. Capital and land development commitments
As at 30 June 2025, 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'S20252024
Development expenditure 45,633 43,310
Land purchases
3,600 29,000
Joint venture capital commitment
50,000 50,000
Total capital and land development commitments
99,233 122,310
10.15. Abnormal items
20252024
ALL VALUES IN $000’S PRE-TAX TAXAFTER TAX PRE-TAX TAXAFTER TAX
Change in tax deductibility - 59 59 - (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 created a tax carrying value of nil from 1 April 2024 onwards for these buildings. This increased the deferred
taxation liability by $2,923,000 and created 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 created this large deferred
taxation liability does not reflect taxation payable if the assets were sold.
10.16. Subsequent events after balance date
Winton Fund Limited and MaxCap New Zealand Limited agreed to terminate and deregister the partnership WMC Development
Fund LP, with effect from 1 August 2025. This terminates the joint venture capital commitment in note 10.14.
On 21 August 2025, the Group and Kāinga Ora-Homes and Communities reached an agreement in respect of the High Court
proceeding brought by the Group alleging anti-competitive conduct by Kāinga Ora. The Group, Housing New Zealand Build
Limited and Kāinga Ora-Homes and Communities also reached an agreement in respect of another High Court proceeding
brought by the Group.
ANNUAL REPORT 202562 | WINTON LAND LIMITED
A member firm of Ernst & Young Global Limited
Independent auditor’s report to the shareholders of Winton Land Limited
Opinion
We have audited the financial statements of Winton Land Limited (the “Company”) and its subsidiaries
(together the “Group”) on pages 38 to 62, which comprise the consolidated statement of financial
position of the Group as at 30 June 2025, 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 38 to 62 present fairly, in all material
respects, the consolidated financial position of the Group as at 30 June 2025 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.
Basis for opinion
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.
Key audit matters
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 audit procedures, including
the procedures performed to address the matters below, provide the basis for our audit opinion on the
accompanying consolidated financial statements.
ANNUAL REPORT 2025WINTON LAND LIMITED | 63
A member firm of Ernst & Young Global Limited
Property Assets
Why significant How our audit addressed the key audit matter
The Group’s property assets include inventory and
investment properties with a value of $ 584m which
represents 83% of the Group’s total assets at balance date.
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.
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 and investment properties 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 are considered to be able to be
reliably valued, independent valuations are 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 and investment properties
and the associated significant judgments are included in
Note 4 Inventories and Note 5 Investment Property 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 and
Investment property
▪ Considered the nature of property costs capitalised to
assess 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 and
investment property.
Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the other information. The other information
comprises the annual report, which includes the Climate Statement but does not include the financial
statements and our auditor’s report thereon.
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.
ANNUAL REPORT 202564 | WINTON LAND LIMITED
A member firm of Ernst & Young Global Limited
Directors’ responsibilities for the financial statements
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.
Auditor’s responsibilities for the audit of the financial statements
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/assurance-
standards/auditors-responsibilities/audit-report-1-1/. This description forms part of our auditor’s
report.
The engagement partner on the audit resulting in this independent auditor’s report is Brent Penrose.
Chartered Accountants
Ernst & Young
27 August 2025
ANNUAL REPORT 2025WINTON LAND LIMITED | 65
ANNUAL REPORT 202566 | WINTON LAND LIMITED
CORPORATE
GOVERNANCE
31 Launch Bay,
Hobsonville Point
ANNUAL REPORT 2025WINTON LAND LIMITED | 67
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 eight directors.
A copy of the Company’s constitution and more detailed information on the Board and Winton’s senior management team are
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 31 January 2025 (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 2025, the Company complies with the NZX Listing Rules and the NZX Code, other than
Recommendations 2.8, 2.9, 2.10, 3.3, 3.4 and 3.6 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 are 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 last review conducted 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 is required to trade, and persons
must otherwise act in compliance with laws. In the case of a request by the General Manager,
Corporate Services or the CFO, prior written consent of the CEO is required. Winton’s directors must
seek consent from the Chair of the Audit and Financial Risk Committee and the Chair of the Audit
and Financial Risk Committee must seek consent from the Chair of the Board (and vice versa) in
advance of trading.
The Securities Trading Policy is reviewed at least every two years, with the last review conducted in
August 2024.
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.
Corporate Governance
ANNUAL REPORT 202568 | WINTON LAND LIMITED
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.
The Environment and Corporate Responsibility Policy is reviewed at least every two years, with the
last review conducted in August 2024.
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 the 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 the senior management team have
levels of authority approved by the Board. In turn, the CEO and the senior management team 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 2025, the Board comprises eight directors, as follows:
DIRECTORTYPE OF DIRECTORSHIPAPPOINTMENT DATE
CHRIS MEEHAN (CHAIR)1
Executive Director19 June 2017
MICHAELA MEEHAN1
Non-executive Director19 June 2017
JULIAN COOK1
Executive Director13 September 2021
GLEN TUPUHI1
Independent Director24 September 2021
JAMES KEMP
Non-executive Director21 February 2022
STEVEN JOYCE
Independent Director22 June 2023
GUY FERGUSSON
Independent Director24 November 2023
JOSH PHILLIPS (ALTERNATE FOR JAMES KEMP)
Non-executive Director08 May 2025
1. Chris Meehan, Michaela Meehan, Julian Cook and Glen Tupuhi will each stand for re-election at Winton’s FY25 annual shareholders’ meeting.
ANNUAL REPORT 2025WINTON LAND LIMITED | 69
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 2025 is summarised below:
SKILL / EXPERIENCEDESCRIPTIONBOARD STRENGTH
PROPERTY, PLANNING, CONSTRUCTION
Experience in the property industry, including residential and
masterplanned development, planning and resource management,
and construction, asset management and valuation
RETIREMENT VILLAGE DEVELOPMENT
AND / OR OPERATION
Experienc
e in development and operation of retirement villages,
including health, clinical and aged-care
STRATEGY
Experience in strategic oversight, defining strategic objectives and
implementation of strategic plans
COMMERCIAL AND FINANCIAL ACUMEN
Experience in finance, accounting and financial reporting,
understanding of capital management and investment analysis
CORPORATE GOVERNANCE
Experience of governance, including oversight of governance
frameworks and driving best practice, with knowledge and
understanding of liabilities and responsibilities of directors
PEOPLE AND CULTURE
Experience in people and talent management, executive
succession planning and remuneration frameworks
HEALTH AND SAFETYExperience and knowledge of health, safety and wellbeing
ESG
Knowledge and ability to understand and assess environmental,
social and governance frameworks and risks
IWI / STAKEHOLDER RELATIONS
Experience in communication, cultural sensitivity, relationship
building and negotiation with iwi and other stakeholders
High Competence Practical / Direct Experience Some / Low Experience
Directors are encouraged to hold shares in the Company to align their interests with the interests of shareholders. Five of the eight
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 three directors, two are appointed in their
capacity as representative of a Substantial Product Holder.
During the period 1 July 2024 to 30 June 2025, meeting attendance for the directors was as follows:
BOARDAUDIT AND
FINANCIAL RISK
NOMINA
TION AND
REMUNERATION
DIRECTOR
CHRIS MEEHAN (CHAIR)
•66•11
MICHAELA MEEHAN
•66
JULIAN COOK
•66
GLEN TUPUHI
•66•44
JAMES KEMP
•65•1-
STEVEN JOYCE
•66•44•11
GUY FERGUSSON
•66•44•11
JOSH PHILLIPS1 (ALTERNATE FOR JAMES KEMP)
•111
1. Josh Phillips was appointed to the Board as an alternate director to James Kemp on 8 May 2025 and has attended all Board Meetings during his term.
Corporate Governance
ANNUAL REPORT 202570 | 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 eight director positions, including one alternate director. For the purposes of the NZX Listing Rules,
the Board has determined that, as at 30 June 2025, 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.
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 2025 is set out in the table below:
AS AT 30 JUNE 2025AS AT 30 JUNE 2024
POSITION
FemaleMaleDiverseFemaleMaleDiverse
DIRECTORS1
17-16-
SENIOR MANAGEMENT2
23-23-
EMPLOYEES1
,
2
122139111299-
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 2025WINTON LAND LIMITED | 71
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 FY25 shown in italics.
DIRECTORCOMPANY / ORGANISATIONPOSITION HELD
CHRIS MEEHAN
Korama Limited
Speargrass Holdings Limited
Nigel Carruthers Aviation 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
Gillies McIndoe Research Institute
Lightwire Advisory Board
Director
Director
Director
Director
Trustee
Member
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
Local: Residential Pty Limited
Millbray Management Platform Pty Limited
LogiSPACE Group Pty Limited
UI Holdings
UIB REIT Manager
IDA Holdings
Director
Director
Director
Director
Director
Director
Director
Director
Director
Director
STEVEN JOYCE
Joyce Advisory Limited
Icehouse Ventures Limited
The Icehouse Limited
Foodstuffs North Island Limited
New Zealand Media and Entertainment Limited
RCP New Zealand Limited
BMS Risk New Zealand Limited
Director and Shareholder
Director
Director
Director
Chair
Independent Board Advisor
Independent Board Advisor
GUY FERGUSSON
Australian Wildlife Conservancy
Centennial Partners Pty Limited
Buenos Advisory Pty Limited
Coota Super Pty Limited
Director
Director
Director
Director
JOSH PHILLIPS
TC Akarua 1 Pty Limited
TC Akarua 2 Pty Limited
Local: Residential Pty Limited
Director
Director
Director
GLEN TUPUHI
Hauraki Primary Health Organisation
Whakatupu Aotearoa Foundation
Tiratu Iwi Māori Partnership Board
Board Trustee (Deputy Chair)
Board Trustee
Hauraki Representative
There have been no Interest Register entries in respect of use of company information by directors.
Corporate Governance
ANNUAL REPORT 202572 | WINTON LAND LIMITED
Interests Register continued
During the year, the Board authorised the renewal of the Directors’ and Officers’ insurance cover as at 1 October 2024 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 2025, Winton had 36 New Zealand subsidiary companies and 2 Australian subsidiary companies.
Chris Meehan is a director of all 38 subsidiary companies.
Michaela Meehan is a director of the following 19 New Zealand subsidiary companies: Beaches Developments Limited, Bridesdale
Farm Developments Limited, Lakeside Developments 2017 Limited, Longreach Developments Limited, Marlborough Precinct Holdings
Limited, Marlborough Precinct Residential Limited, Northbrook Launch Bay Limited, Northbrook Retirement Villages Limited,
Northbrook Wānaka 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 Design Review Limited, Winton Group Holdings Limited and Winton Property Investments Limited.
Julian Cook is a director of the following 6 New Zealand subsidiary companies: Northbrook Retirement Villages Limited, Northbrook
Launch Bay Limited, Northbrook Wānaka Limited, Northbrook Avon Loop Limited, Northbrook Wynyard Limited and Northbrook
Arrowtown Limited.
Guy Fergusson is 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.
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 the senior
management team, as appropriate, to attend committee meetings. All directors have a standing invitation to attend the Audit
and Financial Risk Committee meetings and are regular attendees at these meetings throughout the year. 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 Board
acknowledges that Recommendations 3.3 and 3.4 of the NZX Code set out that at least a majority of the Nomination and
Remuneration Committee should be independent directors. Winton did not comply with these recommendations in FY24 or FY25, as
only two out of four directors on this committee are independent. The Board is comfortable that the composition of this committee
allows it to effectively discharge its duties, and since Chris Meehan is also the CEO, he declares conflicts of interest and stands down
from decisions relating to his own performance and remuneration.
ANNUAL REPORT 2025WINTON LAND LIMITED | 73
Corporate Governance
32 Jimmy’s Point,
Launch Bay
ANNUAL REPORT 202574 | WINTON LAND LIMITED
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. The senior management team are 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.
Control Transactions
The Board acknowledges that Recommendation 3.6 of the NZX Code sets out that the Board should establish appropriate protocols
that set out the procedure to be followed for a “control transaction”. Whilst at the date of this report, Winton does not comply with
this recommendation, a draft Takeover Response Protocol document is scheduled for review and approval by the Board in the 2025
calendar year.
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 the senior management team 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 and updated 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 FY25 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 26-34.
Climate-related Disclosures
Winton is a climate-reporting entity under the Financial Markets Conduct Act 2013 (FMC Act). Winton is publishing its second
Climate-related Disclosures for the financial year ended 30 June 2025 in compliance with the Aotearoa New Zealand Climate
Standards issued by the External Reporting Board (XRB) as required by the FMC Act. Winton’s FY25 Climate Statement is available
on Winton’s Website as a standalone document, along with the FY25 GHG Inventory Report.
Directors’ Dealings and Relevant Interests
There were no directors’ dealings in the Company’s financial products in FY25.
The details of the directors’ relevant interests in the Company’s financial products as at 30 June 2025 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 and Josh Phillips are appointed to the Board in their capacity as representative of substantial product
holder, TC Akarua 2 Pty Limited (as trustee of the TC Akarua Sub Trust), they do not hold a personal relevant interest in those shares.
ANNUAL REPORT 2025WINTON LAND LIMITED | 75
Principle 5 – Remuneration
“The remuneration of directors and executives should be transparent, fair and reasonable.”
Refer to the Remuneration Report in this report starting at page 81.
Principle 6 – Risk Management
“Directors should have a sound understanding of the material risks faced by the issuer and how to manage them. The Board
should regularly verify that the issuer has appropriate processes that identify and manage potential and material risks.”
Risk Management Framework
The Board has established a risk management framework which includes a list of material risks faced by Winton. The framework
is reviewed and updated as risks to the business evolve and change. The Board has set its risk tolerance appetite in pursuit of its
strategy and how it will manage them.
The treatment of a risk varies according to the nature and severity of that risk. If the risks are material, they will be reported to the
Board. Simultaneously, where such risks warrant the need to make a disclosure to the market, Winton will apply relevant facts against
the Continuous Disclosure Policy.
The Audit and Financial Risk Committee at Winton reviews and makes recommendations to the Board whether Winton’s processes
for managing financial risk are sufficient and any incident of fraud or other failure of internal controls. Non-financial risk and the
appropriateness of Winton’s insurance programme is reviewed and determined at a full Board level.
The CEO and other members of the senior management team review, update and take ownership of the day-to-day management and
operation of Winton’s risk management framework and associated policies and procedures.
Principal Business Risks and Key Strategies to Mitigate
Winton is currently focused on 12 principal business risks across its business. For the purposes of this report and Recommendation 6.1
of the NZX Code, a high-level description of these principal business risks is provided below:
AREA OF RISKDESCRIPTION OF RISKKEY STRATEGIES EMPLOYED BY WINTON TO MITIGATE RISK
PROPERTY MARKET RISK
Winton’s ability to achieve its forecasted
sales and/or forecasted sales prices within
each of its developments is dependent on
the housing market conditions in each of the
areas in which its developments are located.
Winton reviews economic and residential property
market conditions through research and relationships
with market participants.
Reporting is provided to the Board regularly.
CONSTRUCTION AND
DEVELOPMENT RISK
Winton faces construction and property
development risks when developing
its communities and projects within its
communities. These risks include project
delays (consenting and construction),
default risk, governance and design risk, and
potential labour and materials shortages.
Winton ensures expected returns from
developments adequately compensate Winton for
the level of risk undertaken before approval.
Through due diligence, Winton understands
the project risks by undertaking comprehensive
feasibility studies to determine the viability of the
proposed initiative or development and ensures
funding is in place.
Further, Winton establishes a procurement plan
including, procurement for long lead items,
and engages contractors early to mitigate cost
escalation or contractor default. Its construction
and development contracts have robust provisions
to ensure these risks are adequately addressed
and mitigated.
CORPORATE GOVERNANCE
AND GENERAL
COMPLIANCE RISK
Failure to comply with regulatory, societal
and investor expectations in relation to
corporate governance and environmental
sustainability could impact Winton’s
reputation and financial performance over
the longer term.
Failure to comply with environmental
laws, resource consents and regulations
which may result in penalties and/or
reputational damage.
Winton’s governance procedures are continually
monitored to ensure compliance. External
consultants and advisers are engaged as
appropriate. Winton also proactively engages with
regulators such as NZ RegCo and ASIC to foster
ongoing relationships and open dialogue.
Project developments are required to have
Environmental Management Plans in place and are
consistently monitored in accordance with Resource
Consent conditions.
Corporate Governance
ANNUAL REPORT 202576 | WINTON LAND LIMITED
Principal Business Risks and Key Strategies to Mitigate continued
AREA OF RISKDESCRIPTION OF RISKKEY STRATEGIES EMPLOYED BY WINTON TO MITIGATE RISK
FINANCIAL
PERFORMANCE RISK
The risk of financial performance not being
managed to expectations.
As noted under the “construction and development
risk”, Winton has a number of provisions in place
to control this risk, including a delegation policy, an
analytical review process, forecasting, budgeting, and
general proactive management. Winton’s approach
to pre-sales is conservative requiring purchasers
to provide personal guarantees as appropriate and
ensuring deposits are payable early.
RETIREMENT VILLAGE
OPERATIONAL RISK
Winton will need to continue to develop
and implement new or additional
operational strategies to operate
successful luxury retirement villages and
aged care offerings under the Northbrook
brand. This includes hiring appropriate
staff and establishing and maintaining
quality and service standards consistent
with market expectations.
Retirement villages will need to be
developed and constructed to high
standards to achieve the appropriate
premium brand positioning.
Winton’s Director of Retirement, Julian Cook, is
the former CEO of one of New Zealand’s largest
retirement village operators, Summerset Group.
Winton also engages expert external advisers to
advise on registration, statutory obligations and
ongoing compliance.
HEALTH, SAFETY AND
WELLBEING OF WINTON
EMPLOYEES, CONTRACTORS
AND STAKEHOLDERS
Risk of not having adequate procedures
in place to identify, manage and report on
the health, safety and wellbeing of Winton
employees, contractors and stakeholders,
both internally and externally.
Winton has a number of procedures in place to
ensure hazards are identified and its health and
safety obligations are met.
Winton records near misses and “opportunities for
improvement” at a corporate level as well as through
contractor reporting lines for any incidents on
site. These are minuted at regular site meetings or
advised directly to Winton if appropriate to report
outside of site meeting timing.
PCG reporting covers health and safety as a standing
item and independent audits are also undertaken.
Further information on health, safety and wellbeing
can be found in the ESG section of this report.
TECHNOLOGY AND
CYBERSECURITY RISK
The risk of Winton’s systems or data
becoming compromised, for example due
to a cyberattack, an outage or human error
in releasing private data.
Winton’s systems are managed by qualified third
parties and appropriate cybersecurity controls are
in place.
System and internal controls are reviewed frequently
with new systems implemented as required.
Training and reinforcement of process is provided to
employees who have access to private data.
ANNUAL REPORT 2025WINTON LAND LIMITED | 77
Principal Business Risks and Key Strategies to Mitigate continued
AREA OF RISKDESCRIPTION OF RISKKEY STRATEGIES EMPLOYED BY WINTON TO MITIGATE RISK
STAFF RETENTION AND
CAPABILITY RISK
In a tight and highly competitive labour
market, Winton is at risk of staff shortages
and loss of institutional knowledge and
experience. The risk is our ability to recruit
appropriate replacements and the loss of
knowledge and expertise.
Key areas within Winton’s senior management,
development and operational teams will continue to
be monitored closely.
Winton also ensures a strong focus on team
engagement and enhancement and maintains
ongoing succession planning and retention
structures within the company.
Winton will continue to undertake regular
performance reviews of employees and directors
and benchmark remuneration packages with the
wider market.
CONSENTING RISK
Winton’s development activities typically
require it to achieve rezoning or resource
consents to allow development of its
master planned communities and projects
to be undertaken.
There is a risk that Winton does not achieve
the rezoning or consents required, or the
rezoning or consents are granted on terms
which are less favourable than Winton
originally anticipated.
Winton has strong relationships across local, central
governments and with tangāta whenua. While the
outcome of rezoning and consenting decisions
remains outside its direct control, Winton has a
proven track record of achieving the necessary
rezoning and consenting to develop large-scale
master planned communities.
LAND ACQUISITION RISK
Winton’s continued growth is dependent
on its ability to acquire attractive sites for
the development of new master planned
communities. The vendors of attractive
sites may choose to either not sell, sell to
a competitor or other third party, or sell at
higher prices than Winton would expect.
Winton continually evaluates potential new sites
and has a demonstrated record in origination
opportunities through various channels, including
direct approaches to landowners, public sale
processes, its network of long-term relationships
across New Zealand and inbound enquiry. Winton
has enshrined provisions in its constitution to enable
it to control shareholding to ensure it does not
become an “overseas person” under the Overseas
Investment Act 2005. This mitigates the risk of
many competitors.
CLIMATE CHANGE RISK
Physical and transitional risks associated
with climate change, and the transition to a
low-carbon economy, have the potential to
affect Winton. Transitional risks may impact
the short-to-medium term, while in the longer
term Winton expects to operate in a climate
that is different to current conditions.
Winton is already adapting to physical and transitional
risks relating to climate change. Winton designs
for resilience, and performs detailed risk analysis to
understand the impacts of different climate change
and transitional scenarios.
FUNDING OF STRATEGIC
GOALS RISK
The risk of not being able to fund strategic
decisions.
Winton continually evaluates its existing balance
sheet position and future cashflows to prevent
cash shortages, securing additional equity or debt
funding as required.
Corporate Governance
ANNUAL REPORT 202578 | WINTON LAND LIMITED
Tax Governance
Winton has implemented a Tax Governance Framework, which sets out the policies and processes in place to manage Winton’s tax
objectives, identification of tax risks, and its tax reporting requirements to the Board. The Tax Governance Framework is reviewed
by the CFO on an annual basis, or when material changes to the tax environment Winton operates in take place. Following each
review, the CFO will report to the Audit and Financial Risk Committee, who will in turn consider any changes or issues that need to
be submitted to the Board for consideration. The Board is satisfied that Winton has effective policies and procedures to effectively
manage Winton’s tax risk and ensure that the Group meets its obligations. Winton continues to seek certainty on tax positions
through proactive engagement with advisors and tax authorities. Overall, Winton adopts a risk-adverse stance on all tax issues, and
engages qualified third party advisors to assist where appropriate.
Health and Safety
More information on Winton’s health and safety risks, performance and management can be found on page 33 of this report.
Principle 7 – Auditors
“The board should ensure the quality and independence of the external audit process.”
Audit
The Board is committed to ensure auditor independence is maintained, in accordance with strong governance practices and
regulatory requirements. The Company has adopted an Auditor Independence Policy that is administered by the Audit and Financial
Risk Committee. The Auditor Independence Policy was updated with the changes approved and adopted by the Board in June 2024.
The Auditor Independence Policy is a reflection of the Company’s belief that the quality of external auditing is critical for the integrity
of financial reporting, and provides an important protection for investors. The Policy addresses Recommendation 7.1 of the NZX Code
and includes procedures for communication with an auditor, approval of an external audit firm, the monitoring of audit independence,
the audit rotation requirements, the circumstances where it may be appropriate for an auditor to provide non-audit services and the
responsibilities of Winton (including in relation to the monitoring of audit performance, value and fees).
EY, as the auditor of the FY25 financial statements, will be invited to attend this year’s Annual Shareholders’ Meeting.
Winton does not have a dedicated internal audit function. In addition to the robust external audit process, Winton’s process to ensure
internal compliance is through constant review, evaluation and improvement of the risk management process and internal controls.
Principle 8 – Shareholder Rights & Relations
“The board should respect the rights of shareholders and foster constructive relationships with shareholders that encourage them
to engage with the issuer.”
Investor Centre Website
Winton’s Website contains a comprehensive set of investor-related material and data, including market disclosures, media releases,
annual and interim reports, share-price information and copies of the Company Policies. It also contains details of directors and
employees.
Shareholder Communication
Winton welcomes communication and feedback from shareholders. Winton’s Website provides contact details for shareholder and
investor relations queries, and includes dates and times of shareholder meetings and investor calls. Winton’s process following each
results announcement is to hold an investor call to present the results and to allow investors and other stakeholders to ask questions.
Shareholders have the option to receive their communications electronically, including by email, and are actively encouraged to take
up this option.
Notice of Annual Shareholders’ Meetings
The Annual Meeting of Shareholders will again be run as a virtual-only meeting. It is expected to be held on Wednesday, 22 October
2025 at 11.00am (NZDT). The Notice of Meeting will be circulated at least 20 working days before the meeting and will also be posted
on Winton’s Website.
In respect of voting rights, Winton shareholders have one vote per share they hold in Winton and will have the right to vote on
material or related party transactions in accordance with the NZX Listing Rules.
ANNUAL REPORT 2025WINTON LAND LIMITED | 79
OTHER DISCLOSURES
Donations
In addition to various sponsorship contributions, the Company (or subsidiaries) paid a total of $56,163 in donations for the year ended
30 June 2025. No donations were made to political parties, ballots or referendums.
NZX Waivers
The following approval and waiver from the NZX Listing Rules were relied upon by the Company during FY25:
•
NZ R
egCo approval under NZX Listing Rule 8.1.6 to include provisions in the Company’s constitution which allow the Board to
restrict the transfer of Winton’s securities to ‘overseas persons’ as defined in the Overseas Investment Act 2005 and to require
certain documentation and/or information in relation to a proposed transfer or transferee of Winton’s securities, and
• a waiver from NZX Listing Rule 8.1.5, to the extent that rule would otherwise prevent Winton from suspending the voting rights
attaching to securities in accordance with the process set out in the Company’s constitution.
The conditions to these approvals and waiver are that Winton is given a non-standard (NS) designation, in terms of its listing on
the NZX Main Board. An outline of this approval and waiver, together with an explanation of the effects of the same is available on
Winton’s Website.
ASX Waivers
ASX also granted a waiver from ASX Listing Rules 8.10 to 8.11, to the extent necessary to permit Winton’s constitution to contain the
provisions outlined above that restrict certain transfers to “overseas persons” and suspend voting rights in relation to the same.
Public exercise of NZX’s powers under Listing Rule 9.9.3 during FY25
Nil.
Corporate Governance
ANNUAL REPORT 202580 | WINTON LAND LIMITED
Remuneration Report
1. Remuneration Governance at Winton
Winton’s remuneration framework and policies are overseen by the Nomination and Remuneration Committee (the N&R Committee).
As at 30 June 2025, the N&R Committee comprised Steven Joyce (Chair), Guy Fergusson, James Kemp and Chris Meehan.
Two of the four members are independent directors. Management only attends N&R Committee meetings by invitation and
Chris Meehan does not attend any meetings where discussion or review is held on CEO remuneration.
It is the role of the N&R Committee to support and advise the Board in relation to all nomination, remuneration, recruitment and
retention matters, but is generally focused on directors, the CEO and senior management.
The N&R Committee operates under a written charter. The charter is available to view on the Winton’s Website. The internal
governance policies that provide context for the remuneration outcomes are the Remuneration Policy and the Board Charter.
2.
R
emuneration 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 N&R Committee carries
out its functions. The N&R Committee is to consider benchmark executive remuneration data as appropriate, with remuneration
of the CEO and other members of the senior management team to include 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 long term
incentive plans (described in more detail in section 3 of this Remuneration Report). The Nomination and Remuneration Committee
Charter and the Remuneration Policy were last updated, with the changes approved and adopted by the Board, in June 2024.
3
Ex
ecutive Remuneration
The senior management team (excluding the CEO) is remunerated with a mix of base salary, benefits and discretionary bonuses.
The senior management team and other eligible senior leaders in the business are participants in both long term incentive plans
described below.
Employee Share Option Plan
The Company has implemented a long-term incentive plan (the Winton ESOP) for employees, to incentivise and retain those
employees. Under the Winton ESOP, 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 gives 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.
Every employee of Winton as at the date of listing (17 December 2021) was included in the Winton ESOP, and all subsequent
employees are eligible to participate in that Winton ESOP after 12 months of continuous service.
In addition to the general Winton ESOP, a grant of options has been made to Julian Cook. Mr Cook will not be required to pay for
such options. Each option will give Mr Cook the right to acquire one share at the vesting date (being 10 years from the date of
issue), subject to Mr Cook remaining employed on the 4th anniversary of the date of issue of the options, at the exercise price for
those options. The exercise price will be adjusted for any dividends paid by Winton.
Selected Employee Long Term Incentive Plan
In addition to the Winton ESOP, senior management and other eligible senior leaders of the Company are participants in a
specific long term incentive plan (the Senior LTI Plan). Participants are allocated a defined dollar quantum amount as approved
by the Board (the LTIP Amount). The relevant LTIP Amount will vest in full to the participant, conditional on a performance test
being met in respect of particular projects, prior to a specific deadline. Following vesting, the payment of the LTIP Amount to the
participant occurs over a payment period set by the Board.
Participants in the Senior LTI Plan must be permanent employees and are to remain employed by the Company to retain eligibility.
This Remuneration Report contains disclosure of the employees (other than employees who are directors) who received
remuneration and other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum, in
brackets of $10,000, as required by the Companies Act 1993.
4
CEO R
emuneration
Chris Meehan is the Chair of the Board of directors of the Company and received fees in that capacity in FY25 as outlined in the
summary of directors’ remuneration in section 6 of this Remuneration Report. In addition, in his executive role as CEO of the
Company, Chris Meehan’s remuneration for FY25 was $1,907,133. Mr Meehan did not receive any additional remuneration (including
any short term or long term incentives) during FY25 as CEO. By way of comparison, Mr Meehan received $105,650 in directors’
fees for FY24 and total remuneration in his executive role as CEO for FY24 of $1,844,774.
Mr Meehan’s terms of employment include an annual increase in line with the then relevant Consumer Price Index percentage.
The Nomination and Remuneration Committee reviews short and long term incentives for the CEO and senior management from
time to time and will provide any recommendations to the Board.
ANNUAL REPORT 2025WINTON LAND LIMITED | 81
Remuneration Report
5 Remuneration Bands
This Remuneration Report contains disclosure of the 43 employees or former employees (other than employees who are directors)
who received remuneration and any other benefits in their capacity as employees, the value of which was or exceeded $100,000
per annum during FY25, in brackets of $10,000, as required by the Companies Act 1993. Remuneration is calculated as inclusive of
salary and any discretionary bonuses received.
AMOUNT OF REMUNERATION
1
NUMBER OF EMPLOYEES2
$100,001 to $110,0006
$110,001 to $120,0005
$120,001 to $130,0001
$130,001 to $140,0003
$140,001 to $150,0001
$150,001 to $160,0003
$160,001 to $170,0001
$170,001 to $180,0001
$180,001 to $190,0002
$200,001 to $210,0001
$220,001 to $230,0001
$230,001 to $240,0001
$240,001 to $250,0005
$250,001 to $260,0003
$270,001 to $280,0001
$280,001 to $290,0001
$300,001 to $310,0001
$350,001 to $360,0002
$370,001 to $380,0001
$420,001 to $430,000
1
$470,001 to $480,000
1
$590,001 to $600,000
1
1. Remuneration does not include the grant of any options under the Winton ESOP or Senior LTI Plan, with such remuneration to be captured on vesting.
2. Chris Meehan (as CEO) and Julian Cook (as Director of Retirement) are not included in this table as they are also directors of the Company.
ANNUAL REPORT 202582 | WINTON LAND LIMITED
6. Directors’ Remuneration
Directors’ remuneration is in the form of directors’ fees. The Board determines the level of fees paid to directors from a total
directors’ fee pool authorised by shareholders. The fee pool, approved by shareholders in November 2021, is $600,000.
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
2025, the base directors’ fees comprise an annual fee of $64,753 per annum (other than the Board Chair fee which is $107,921 per
annum) and an annual fee of $21,584 to chair the Audit and Financial Risk Committee and $12,951 to chair any other Board committee.
In November 2023, the Board approved an annual increase to the base fees on 1 October each year, by the increase in CPI
calculated prior to 1 October. On 27 June 2025, the Board resolved that, in the context of wider cost cutting measures at the
Company, it would not apply this increase for the 2025 calendar year. The next scheduled CPI adjustment is on 1 October 2026.
Remuneration received by each Board member for FY25 is set out in the following table:
DIRECTORROLEDIRECTOR FEES PAID IN FY25
CHRIS MEEHAN
Board Chair$107,354
MICHAELA MEEHAN
Non-executive Director$64,412
JULIAN COOK
Executive Director$64,412
GLEN TUPUHI
Independent Director$64,412
STEVEN JOYCE
Independent Director
Audit and Financial Risk Committee (Chair)
Nomination and Remuneration Committee (Chair)
$62,412
$21,471
$12,833
JAMES KEMP
Non-executive Director-
GUY FERGUSSON
Independent Director$64,412
JOSH PHILLIPS
Non-executive Director-
Julian Cook is a director of the Company and received fees in that capacity in FY25 as outlined above. In addition, in his executive
role as Director of Retirement for FY25, Mr Cook received remuneration of $162,949. Mr Cook did not receive any additional
remuneration (including any short-term or long-term incentives) during FY25 as Director of Retirement.
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 FY25.
ANNUAL REPORT 2025WINTON LAND LIMITED | 83
INVESTOR STATISTICS
20 Largest Registered Shareholders as at 30 June 2025
RANKHOLDER NAMENO. OF SHARES% OF SHARES
1.
Korama Limited163,329,44855.06
2.
Perpetual Corporate Trust Limited166,284,25122.35
3.
JWAJ Limited20,972,4187.07
4.
Wānaka Partners, LLC13,602,3134.59
5.
0to60 Nominee Limited5,145,3561.73
6.
Peter Karl Christopher Huljich & John Hamish Bonshaw Irving3,731,9111.26
7.
Christopher Peter Huljich & Constance Maria Huljich & Elizabeth Ferguson Anne2,967,2941.00
8.
HWM (NZ) Holdings Limited2,091,0250.70
9.
Accident Compensation Corporation21,407,7550.47
10.
Kiowa 2018 Corporate Trustee Company Limited1,286,3390.43
10.
Motutapu Investments Limited1,286,3390.43
11.
Forsyth Barr Custodians Limited890,5130.30
12.
Public Trust2860,2300.29
13.
Jason Timothy Kilgour & Vaughan Charles Atkin711,4050.24
14.
FNZ Custodians Limited539,6710.18
15.
Joseph Davenport & Shelley Davenport 514,5350.17
15.
Colin Ian Crombie & Heather Joy Hallam514,5350.17
16.
Forsyth Barr Custodians Limited 470,8000.16
1 7.
Citibank Nominees (NZ) Limited2448,5000.15
18.
Tea Custodians Limited2442,9920.15
19.
Leveraged Equities Finance Limited400,7000.14
20.
Mirrabooka Investments Limited387,4940.13
TOTAL SHARES HELD BY TOP 20 SHAREHOLDERS
288,285,8249 7.1 7
BALANCE OF SHARES
8,327,9122.83
TOTAL OF ISSUED SHARES
296,613,736100.00
1. Perpetual Corporate Trust Limited is the custodian for the TC Akarua Sub Trust. Macquarie Real Estate Management (Australia) is the manager of TC Akarua 2 Pty.
Limited, who is the trustee of the TC Akarua Sub Trust.
2. Shares held through the New Zealand Central Securities Depository Limited.
Corporate Governance
ANNUAL REPORT 202584 | WINTON LAND LIMITED
Distribution of Shareholders
The distribution of the ordinary shares and registered shareholdings as at 30 June 2025 is set out in the following table:
ORDINARY SHARESNUMBER OF
SHAREHOLDERS
SHAREHOLDERS %NUMBER OF SHARESSHARE %
1 TO 1,000
10721.6648,2960.02
1,001 TO 5,000
16834.01451,0170.15
5,001 TO 10,000
7414.98554,9000.19
10,001 TO 50,000
8316.801,893,9100.64
50,001 TO 100,000
204.051,314,4420.44
100,001 AND OVER
428.50292,351,17198.56
TOTAL
494100.00296,613,736100.00
Geographical Spread of Shareholders
The geographical spread of the ordinary shares and registered shareholdings as at 30 June 2025 is set out in the following table:
ORDINARY SHARESNUMBER OF
SHAREHOLDERS
SHAREHOLDERS %NUMBER OF SHARESSHARE %
AUCKLAND & NORTHERN REGION
16633.60199,737,32167.34
WELLINGTON & CENTRAL DISTRICTS
7314.783,956,8691.33
NELSON, MARLBOROUGH & CHRISTCHURCH
489.72334,3520.11
DUNEDIN & SOUTHLAND
5310.731,953,5460.66
HAMILTON & SURROUNDING DISTRICTS
6813.771,285,2080.43
OVERSEAS
8617.4089,346,44030.13
TOTAL
494100.00296,613,736100.00
Substantial Product Holders
The persons, who, for the purposes of section 293 of the FMC Act, were substantial product holders in the Company as at 30 June 2025
are as set out in the following table:
SUBSTANTIAL PRODUCT HOLDERNUMBER OF
SHARES WHEN
NOTICE WAS FILED
% OF SHARES
HELD AT DATE OF
NO
TICE
KORAMA LIMITED
163,329,44855.06
TC AKARUA SUB TRUST
66,284,25122.35
JWAJ LIMITED
20,972,4187.07
The only class of quoted voting products on issue in Winton are ordinary shares. The total number of ordinary shares on issue as at
30 June 2025 was 296,613,736.
DIRECTORS’ STATEMENT
The Board is responsible for preparing the Annual Report. This report is dated 27 August 2025 and is signed on behalf of the Board of
Winton Land Limited by Chris Meehan, Chair and Steven Joyce, Director.
Chris Meehan
Chair
Steven Joyce
Director
ANNUAL REPORT 2025WINTON LAND LIMITED | 85
Corporate Governance
GLOSSARY
ASIC means the Australian Securities and Investments Commission.
ASX means the Australian Stock Exchange.
Board means the Board of Directors of Winton Land Limited.
Northbrook means Winton’s luxury later living brand.
NZ RegCo means NZX Regulation Limited.
NZX means the New Zealand Stock Exchange.
Winton and/or Company means Winton Land Limited, and where applicable, includes all subsidiaries of Winton Land Limited.
Winton’s Website means www.winton.nz/investorcentre/.
ANNUAL REPORT 202586 | 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
Josh Phillips
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
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 21 364 808
Website: www.winton.nz
Auditor
Ernst & Young
2 Takutai Square
Auckland 1010
New Zealand
Statutory Supervisor (Northbrook)
Covenant Trustee Services Limited
Level 6, 191 Queen Street
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.nz@cm.mpms.mufg.com
Website: www.mpms.mufg.com
Australia:
MUFG Corporate Markets
Liberty Place
Level 41, 161 Castlereagh Street
Sydney, NSW 2000
Australia
Telephone: +61 1300 554 474
Email: support@cm.mpms.mufg.com
Website: www.mpms.mufg.com
Investors
investors@winton.nz
Directory
ANNUAL REPORT 2025WINTON LAND LIMITED | 87
33 Ayrburn Lakes,
Arrowtown
BC Northbrook Wānaka,
Northlake
ANNUAL REPORT 202588 | WINTON LAND LIMITED
ANNUAL REPORT 2025WINTON LAND LIMITED | 89
---
1. Business Update
ANNUAL RESULTS FY25
INVESTOR PRESENTATION
27 August 2025
Presenting Today
Jean McMahon
Chief Financial Officer
Chris Meehan
Chief Executive Officer
Northlake, Wānaka
2
Jimmy’s Point, Launch Bay Hobsonville Point
3
1.Business Update
2.Financial Overview
3.ESG Highlights
4.Market and Outlook
BUSINESS UPDATE
Ayrburn, Arrowtown
Notes: 1. Units comprise residential land lots, dwellings, townhouses, apartments, retirement living units and commercial units. 2. Pre-sales are as at 30 June 2025. Pre-sales are unconditional and
conditional sale contracts to be recognised as revenue in future years. 3. Target units to be developed from 1 July 2025 onwards on existing projects based on management estimates and masterplans
current as at 30 June 2025. Target total units, target product mix and target settlement period may change, including due to planning outcomes and market demand;
5
Key Highlights
$155.4m
Revenue
For the 12 months ending 30 June 2025 (FY25):
$59.5m
Gross profit
38.3%
Gross profit margin
$10.3m
Net profit after tax
6.6%
N PAT ma rgin
$20.3m
Cash
c.5,750
Unit¹ landbank yield
266
Units delivered and settled
262
Employees
494
To t a l
shareholders
12
Masterplanned
Communities
20
Current projects
$248.0m
²
of gross pre-sales secured
877
Retirement living units yield
ACROSS 5 LOCATIONS
78%³
of portfolio (by units) are
residential lots
LIMITING EXPOSURE TO CONSTRUCTION
Business Highlights
Completed Stage One of Northbrook Wānaka and the first residents moved in.
The inaugural Ayrburn Classic was held at Ayrburn, attracting thousands of
attendees.
Sunfield development accepted into the Fast-track process, under the Fast-track
Approvals Act 2024.
Completed construction and opened Billy’s restaurant at Ayrburn.
Renovation and refurbishment of waterfront Cracker Bay Offices almost complete.
Pre-sale book continues to protect future revenues - $248.0m at 30 June 2025.
Completed construction of The Bakehouse and R.M. Produce and opened to the
public in December 2024.
Longstanding pre-sale strategy continued to deliver in a continued difficult property
market and very challenging economic conditions with 266 units settled.
6
Notes: 1. Northbrook Arrowtown remaining subject to a resource consent amendment being granted. A retirement
village consent has been granted for Northbrook Arrowtown.
R.M. Produce, Ayrburn
Ayrburn Screen Hub accepted into the Fast-track process, under the Fast-track
Approvals Act 2024.
Met year two requirements for the XRB Climate Standards and subsequent disclosures,
along with improving the data quality of the GHG inventory.
7
Significant landbank pipeline
Pipeline of c5,750 units remain to be delivered in future
years.
5,750+
Settlements include completed communities
(Longreach – 163, Lakes Edge – 55, River Terrace – 18, Parnell – 1)
Northlake, Wānaka
247
186
171
76
553
449
565
345
266
-
200
400
600
800
1,000
1,200
PriorFY18AFY19AFY20AFY21AFY22AFY23AFY24AFY25AFY25F+
80%
8%
2%
10%
8
Continued Momentum
Neighbourhood
Units settled
FY25
Units settled
FY24
Movement
Lakeside183209(26)
Beaches129(28)
North Ridge-17(17)
Northlake5858-
Launch Bay2429(5)
River Terrace-2(2)
Parnell-1(1)
Total
266345(79)
FY25 settlements across the residential portfolio.
Average residential
revenue per unit
(000’s)
$489$470$19
FY25 Sales
•In FY25, 16.9% of settlements comprised of constructed product
compared with 20.3% in FY24.
Settlements by product type
Notes: 1. Constructed product comprises of apartments, townhouses, dwellings and
commercial units.
RESIDENTIAL
8
Residential Lots
Apartments
Commercial
Dwellings
FY25
settlements
by product
FY24
settlements
by product
83%
8%
9%
Residential Lots
Apartments
Commercial
Dwellings
9
Fast-track Approvals
Sunfield and Ayrburn Screen Hub progressing through the
approval process of Fast-track Approvals Act 2024.
Screen Hub, Ayrburn
(artist impression)
Sunfield, Auckland
•The Sunfield project has been accepted as a project under the Fast-track
Approvals Act 2024, a panel appointed, and an outcome is anticipated
around the end of the calendar year.
•Winton is working constructively with NZTA to integrate Mill Road Stage
2 into the development.
•If approval is granted, it is Winton’s intention to commence
development immediately.
Ayrburn Screen Hub, Arrowtown
•The Ayrburn Screen Hub is a proposed addition to the Ayrburn
masterplan. Offering an all-inclusive film studio enabling users to work
and stay onsite through filming, production, and post-production with
studio buildings, workrooms, office space for film departments, dressing
rooms, a screening room, and meeting space, with accompanying 185-
room accommodation for film workers and visitor accommodation when
there aren’t films in production.
•It has been accepted into the Fast-track process and well supported by
the community and film industry.
•Should the project receive resource consent, it will be a valuable part of
the Ayrburn masterplan, generating revenue from the Screen Hub and
incremental revenue growth of the hospitality precinct.
Sunfield, Auckland (artist impression)
Lakeside Te Kauwhata
•The remaining 151 land lots within Stage 3 settled in FY25, along with
the first 32 land lots in Stage 4.
•Works are continuing in the balance of Stage 4 with services, drainage,
roading and landscaping.
•The Stage 1 reserve area is being progressed to extend the walking and
cycle network within Lakeside.
•The Scott Road intersection upgrade with a new roundabout is nearing
completion, which will improve access into the development.
Launch Bay Hobsonville
•Completion of 30 apartments at Jimmy’s Point and settlement of pre-
sold apartments.
•All Launch Bay Townhouses and Ovation apartments sold.
Northlake
•Completion and settlement of the final 20 ALTA Villa Townhouses.
•The remainder of Stage 17 was completed and most have sold, leaving a
small number on the market.
•The first Stage 18 land lots were completed, titled and settled. Works
continue on the balance of Stage 18 including drainage, roading and
landscaping.
•A proposed plan change is underway to enlarge the size of Stage 19.
North Ridge Cessnock
•Preparatory works continue for planning approvals for Stage 7 onwards.
•Works have commenced on the upgrade of Wollombi Road between the
Cessnock CBD and North Ridge.
Winton’s longstanding pre-sale strategy continues to deliver, FY25 revenue
$130.3 million.
10
Residential development FY25
10
RESIDENTIAL
Northlake, WānakaLaunch Bay, Hobsonville Point
Lakeside, Te KauwhataNorth Ridge, Cessnock
Three-bedroom Residence, Northbrook Wānaka
•Northbrook Wānaka Stage One was completed in May 2025, with the first
residents moving in and starting their Northbrook lifestyle.
•Stage One consists of 18 3-bedroom residences and 14 2-bedroom
residences, totalling 32 residences. Sales of the remaining available
residences are steady and sales prices are meeting expectations.
•An experienced Village Manager has been appointed to Northbrook
Wānaka.
•The Northbrook Wānaka Wellness Spa is a luxurious amenity with a 13.5
metre heated swimming pool, sauna, boutique fitness studio, salon, and
treatment rooms. Construction is progressing at pace and on target for
completion by the end of this year.
Northbrook’s first residents move into Northbrook Wānaka.
11
Northbrook Wānaka
Stage One Complete
RETIREMENT
Residents’ Lounge, Northbrook Wānaka
Northbrook Arrowtown, Arrowtown
•High volumes of visitors to the Display Suite has continued. We are
working on improving the quality of leads.
•Excavation works have continued in prepartion for construction of the
first building.
•We are operating with discipline as we prepare for Stage One of
construction, using the timing of the property cycle to the project’s
advantage.
•Construction tenders have been received, and we are working through
final contractor selection.
12
Progress at Northbrook
Arrowtown
RETIREMENT
Using the timing of the property cycle to our advantage.
•The renovation and refurbishment of the
Cracker Bay office building is almost
complete, offering premium waterfront
facilities for tenants across four levels.
Leasing has progressed well with 71.4% of
Cracker Bay lettable area leased as at 30
June 2025.
•The last of the council resource consent
approvals were received for the wider
Cracker Bay and Northbrook Wynyard
Quarter precinct. The timing of construction
will be determined once market conditions
improve.
Cracker Bay waterfront office space is nearing completion, attracting like-minded
tenants with a connection to the water.
13
13
COMMERCIAL
•Ayrburn will attract over a million visitors this year and is on track to
be the most popular and most visited attraction in the region.
•In December, The Bakehouse and R.M. Prime Produce opened,
introducing a more casual dining experience, a bakery, a butchery, and
a retail space. The opening of The Bakehouse unlocked additional
event opportunities, particularly largescale functions, including
corporate events and weddings.
•In March, Ayrburn hosted the inaugural Ayrburn Classic, a two-day
celebration of motoring featuring vintage, classic and modern luxury
cars. Thousands of people attended and we look forward to the
second Ayrburn Classic in February 2026, which promises to be even
bigger and better than the first.
•Construction of Billy's restaurant and the adjoining conservatory were
completed in June, and the first customers welcomed. What was the
late 1800s Ayrburn Farm Homestead, is now home to Billy’s
restaurant, an experience of modern and refined Cantonese-inspired
cuisine.
•Looking ahead to FY26, the focus at Ayrburn is visitor growth, gaining
further efficiencies from the multi-venue site, continuing to build the
event pipeline, and continuing to deliver the high-end Ayrburn
experience to every person that visits.
Ayrburn’s first trading year was marked by significant
milestones and hundreds of thousands of people
experiencing the unique destination firsthand.
14
COMMERCIAL
The Loft, Ayrburn
Ayrburn Classic
•The vision for Billy’s was to maintain the original look on the exterior
while transforming the interior to another world, a celebration of old
and new.
•Adjoining the original homestead is The Conservatory, an ultimate
immersive outdoor dining experience, yet in the warmth of the
oversized glasshouse.
•Like the rest of Ayrburn, the landscaping and gardens around Billy’s is
thoughtful and abundant, offering a whimsical take on traditional
English and French gardens.
•Billy’s and the adjoining conservatory add event space for up to 132
people seated and a total of 200 people standing.
15
COMMERCIAL
15
FINANCIAL OVERVIEW
Northbrook, Wānaka
FY25 Financial Performance
We have continued to deliver pre-sold properties, complete new projects, and diversify our revenue streams.
17
Statement of Financial PerformanceFY25FY24
MovementNZ$m (unless indicated otherwise)Year EndedYear Ended
30-Jun-2530-Jun-24
Revenue
155.4
173.6
(18.2)
Cost of goods sold
(95.9)(103.3)7.4
Gross profit
59.5
70.3
(10.8)
Gross profit margin
38.3%
40.5%
(2.2%)
Fair value gain / (loss) on investment properties
5.1(1.7)6.8
Selling expenses
(4.5)(6.0)1.5
Property expenses
(1.9)(1.7)(0.2)
Employee benefits expense
(20.3)(17.4)(2.9)
Administrative expenses
(15.5)(12.7)(2.8)
Share-based payment expense
(1.2)(1.2)-
EBITDA
21.2
29.6
(8.4)
Depreciation and amortisation
(5.3)(3.5)(1.8)
Net interest income
(0.8)
1.4
(2.2)
Profit before income tax
15.1
27.5
(12.4)
Income tax expense
(4.8)(11.7)6.9
Profit after income tax
10.3
15.8
(5.5)
Basic earnings per share (cents)
3.48
5.31
(1.83)
Financial Performance
•Winton has delivered revenue of $155.4 million, 10.5% down from $173.6 million
in FY24. A total of 266 units were settled, a decrease of 79 units.
•Cost of goods sold of $95.9 million is lower than FY24 by $7.4 million or 7.2%.
Although there was a lower proportion of built product settled by volume in FY25,
the cost per unit was higher as the built product was more premium than the built
product settled in FY24.
•Commercial revenue increased by $13.7 million in FY25 due to Ayrburn
contributing 12 months of trading compared to the previous period when it was
only open for 7 months.
•A fair value gain of $5.1 million resulted from the revaluation of commercial assets
and retirement land within the investment properties portfolio. This compares to
a loss of $1.7 million in FY24.
•Selling expenses were lower in FY25 by 26.3% due to reduced sales commission
and marketing spend.
•Employee benefits expense increased by $3.0 million in FY25 with Ayrburn trading
for an additional five months.
•Administrative expenses increased by $2.7 million with an increase in legal costs
of $2.4 million and other administrative expenses of $2.3 million due to the
growth of Winton’s operations. This was offset by a decrease in establishment
costs of $2.2 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.
17
Financial Position
•Cash balances remain strong at $20.3 million.
•Winton entered into a $18.3 million debt facility secured against the completed
office building and marina complex at Cracker Bay in November 2024. The facility
has a term of 12 months, with the ability to extend for a further 2 years. 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. In March 2025, Winton entered into a new borrowing facility
in respect of its Northlake Stage 18 project. The facility limit is $22.5 million,
including accrued interest, with a term of 2 years. Winton has no recourse debt at
the group level and all other properties (excluding Lakeside) across the group
remain unencumbered
•Inventories have decreased from FY24 due to units settling.
•An increase in investment properties of $81.0 million represents progress at
Northbrook Wānaka and Northbrook Wynyard Quarter.
•The increase in Property Plant and Equipment was primarily due to the
completion of the last two venues at Ayrburn in FY25, the Bakehouse and Billy’s.
We note that property, plant, and equipment are held at cost less accumulated
depreciation.
•Revenue in advance and Residents’ loans reflect the opening of Northbrook
Wānaka in May 2025 and will be recognised over the average expected occupancy
of residents.
FY25 Financial Position
Winton has historically operated with a conservative level of debt in its capital structure.
Statement of Financial PositionFY25FY24
NZ$m (unless indicated otherwise)As atAs at
Movement
30-Jun-2530-Jun-24
Cash and cash equivalents
20.341.7(21.4)
Inventories
225.7247.3(21.6)
Investment properties
358.4277.481.0
Property, plant and equipment
93.479.813.6
Other assets
6.27.8(1.6)
Total assets
704.0
654.050.0
Accounts payable and other liabilities
34.944.6(9.7)
Borrowings
99.464.035.4
Taxation payable
0.35.8(5.5)
Revenue received in advance
0.8-0.8
Residents’ loans
13.0-13.0
Deferred tax liabilities
24.420.14.3
Total liabilities
172.8
134.538.3
Net assets
531.2
519.511.7
NTA cents per share
178.6174.54.1
18
FY25 Statement of Cash Flows
Winton maintains a strong cash position.
19
Statement of CashflowsFY25FY24
NZ$m (unless indicated otherwise)
Year EndedYear Ended
Movement
30-Jun-2530-Jun-24
Cash flows from operating activities
Receipts from customers
155.2173.6(18.4)
Receipts from new occupational right agreements
13.8-13.8
Payment to suppliers and employees
(93.6)(103.7)10.1
Development land purchases
(25.4)(25.4)-
Other operating activities
(7.7)(30.2)22.5
Net cash flows from operating activities
42.314.328.0
Cash flows from investing activities
Investment property purchases
(72.6)(56.9)(15.7)
Acquisition of property, plant and equipment
(19.5)(42.1)22.6
Other investing activities
0.7(0.8)1.5
Net cash flows from investing activities
(91.4)(99.8)8.4
Cash flows from financing activities
Net proceeds of borrowing
27.760.1(32.4)
Dividends paid to shareholders
-(8.0)8.0
Payment of lease and other liabilities
-(1.2)1.2
Net cash flows from financing activities
27.750.9(23.2)
Net increase in cash and cash equivalents
(21.4)(34.6)13.2
Cash and cash equivalents at beginning of the period
41.776.3(34.6)
Cash and cash equivalents at the end of the period
20.341.7(21.4)
Cashflows
•Net operating cashflows have increased by $28.0 million due to the
commencement of the sale of occupational right agreements at Northbrook
Wanaka, a reduction in tax paid and a reduction of payments to suppliers and
employees due to less works onsite in FY25.
•Development land purchases relate to Sunfield land deposit payments.
•Investing activity outflows have decreased due to less purchasing activity of
investment property and property, plant and equipment in FY25. Investment
property purchases mainly relate to Northbrook Wanaka Stage 1 and Wynyard
early works. Property, plant and equipment mainly relates to Ayrburn Precinct,
with the completion of Bakehouse and Billy’s during FY25.
•The Board of Directors 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.
19
ESG HIGHLIGHTS
Ayrburn, Arrowtown
9
Supported local, 93% of onsite works went to local businesses.
ESG Highlights FY25
4
5
8
10
Completed the recreation of the last heritage building at Ayrburn, the
original Ayrburn homestead.
3
Improved data quality of GHG emissions inventory, including the reduction
in the reliance on spend-based emission factors by 14.47%.
Improved Health and Safety TRIR to 2.2 in FY25, from 3.0 in FY24.
Created more job opportunities at Ayrburn with the introduction of new
venues, increasing the total number of employees at Winton to 262 people.
6
Implemented further initiatives to continue to improve water quality of Mill
Creek, Ayrburn.
7
Sponsored numerous initiatives in the communities that Winton operates in.
2
Completed fourth year of GHG reporting with reasonable assurance for
Scope 1 and Scope 2 emissions and limited assurance for Scope 3 emissions.
Funded $4.7m in development contributions, which will improve
infrastructure and support the communities that Winton operates in.
1
Completed and disclosed second year of Climate-Related Disclosures.
21
Lakeside, Te Kauwhata
21
MARKET AND OUTLOOK
Northbrook Wanaka, Northlake
1,800
2,200
2,600
3,000
3,400
3,800
4,200
4,600
5,000
5,400
JanFebMarAprMayJunJulAugSeptOctNovDec
Building consents issued¹
800,000
900,000
1,000,000
1,100,000
1,200,000
1,300,000
Quarters ending
Volume of ready-mix concrete (m³)¹
Quarterly Volume2015-2025 Average
Construction Costs Remain High
Net migration at record lows (excluding COVID)Building Consents Remain Subdued
Market and Outlook
The property market has remained subdued in many parts of New Zealand, particularly Auckland, and the economy has
continued to struggle.
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, 2025, New
Zealand
33.8% decline
from Dec-21
23
Volume of Ready-Mix Concrete Remains in Decline
-3
-2
-1
0
1
2
3
4
5
6
Cordell Construction Cost Index – Monthly Change
-40,000
-20,000
0
20,000
40,000
60,000
80,000
100,000
20152016201720182019202020212022202320242025
Annual Net Migration below long term averages¹
Annual net migrationAverage net migration 2015-2025
2021
2022
2023
2025
2024
Long-run average, 2000-present
Unemployment Continues to Increase, 5.2 as at June 2025
Market and Outlook
24
Unemployment continues to increase, and we maintain our view that the residential property market is unlikely to substantially
turn around until after unemployment has peaked.
24
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
5.7
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
4.14.1
4.2
4.1
5.2
4.9
4.6
4
3.3
3.23.2
3.33.3
3.43.4
3.6
3.9
4
4.4
4.6
4.8
5.15.1
5.2
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
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Jun-13
Sept-13
Dec-13
Mar-14
Jun-14
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Mar-15
Jun-15
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Mar-16
Jun-16
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Dec-16
Mar-17
Jun-17
Sept-17
Dec-17
Mar-18
Jun-18
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Mar-19
Jun-19
Sept-19
Dec-19
Mar-20
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Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Unemployment Rate, Sep 2010 - June 2025 (quarterly)
Jimmy’s Point, Launch Bay
Market and Outlook
•Unemployment continues to increase, net migration is at the lowest
it has been in over 10 years and ready-made concrete volumes are
below the 10-year average. However, there are some positive signs
in Winton’s operating environment, including a declining Official
Cash Rate, increased competition amongst suppliers, lower labour
costs, and a rise in the number of houses sold compared to the
prior year, with the Queenstown-Lakes District outperforming the
rest of the country.
•In our view, given the current economic environment and property
market, it is a prudent time to avoid taking risks and conserve our
resources until the economy and market begin to turn around. We
will continue to operate with discipline. In the near term, this
means focusing primarily on Sunfield and Winton’s South Island
operations and developments, where the market has remained
buoyant.
•We will be judicious in committing further capital to projects until
we have conviction that the market has a positive outlook. We
maintain our view that we don’t expect this to occur until after
unemployment has peaked.
•We remain cautious but confident moving into FY26.
Winton is navigating the recession as well as possible and positioning the Company optimally to benefit from an improving
property cycle.
25
QUESTIONS
Ayrburn Lakes and Ayrburn Homestead (Billy’s)
This disclaimer applies to this document and the accompanying material (“Document”) or any information contained in it. The information included in this Document should be read in conjunction with the audited
consolidated financial statements for the year ended 30 June 2025.
Past performance information provided in this Document may not be a reliable indication of future performance. This Document contains certain forward-looking statements and comments about future events, including
with respect to the financial condition, results, operations and business of Winton Land Limited (“Winton”). Forward looking statements can generally be identified by use of words such as ‘project’, ‘foresee’, ‘plan’,
‘expect’, ‘aim’, ‘intend’, ‘anticipate’, ‘believe’, ‘estimate’, ‘may’, ‘should’, ‘will’ or similar expressions. Forward-looking statements involve known and unknown risks, significant uncertainties, assumptions, contingencies,
and other factors, many of which are outside the control of Winton, and which may cause the actual results or performance of Winton to be materially different from any results or performance expressed or implied by
such forward-looking statements. Such forward-looking statements speak only as of the date of this Document. There can be no assurance that actual outcomes will not differ materially from the forward-looking
statements. Recipients are cautioned not to place undue reliance on forward-looking statements.
Certain financial data included in this Document are "non-GAAP financial measures", including earnings before interest, tax, depreciation and amortisation (“EBITDA”). These non-GAAP financial measures do not have a
standardised meaning prescribed by New Zealand Equivalents to International Financial Reporting Standards (“NZIFRS") and therefore may not be comparable to similarly titled measures presented by other entities, nor
should they be construed as an alternative to other financial measures determined in accordance with NZIFRS. Although Winton uses these measures in assessing the performance of Winton’s business, and Winton
believes these non-GAAP financial measures provide useful information to other users in measuring the financial performance and condition of the business, recipients are cautioned not to place undue reliance on any
non-GAAP financial measures included in this Document.
All amounts are disclosed in New Zealand dollars (NZ$) unless otherwise indicated.
Whilst every care has been taken in the preparation of this presentation, Winton makes no representation or warranty as to the accuracy or completeness of any statement in it including, without limitation, any forecasts.
To the maximum extent permitted by law, none of Winton, its directors, employees, shareholders or any other person shall have any liability whatsoever to any person for any loss (including, without limitation, arising from
any fault or negligence) arising from this Document.
This Document has been prepared for the purpose of providing general information, without taking account of any particular investor’s objectives, financial situation or needs. An investor should, before making any
investment decisions, consider the appropriateness of the information in this Document, and seek professional advice, having regard to the investor’s objectives, financial situation and needs.
DISCLAIMER
Important Notice and Disclaimer
28
Senior Management Team
Jean McMahon
Chief Financial Officer
Chris Meehan
Chief Executive Officer
APPENDIX 1
29
Simon Ash
Chief Operating Officer
Justine Hollows
General Manager,
Corporate Services
Duncan Elley
General Manager,
Project Delivery
---
GHG EMISSIONS
INVENTORY REPORT
FY25winton.nz
About this report
This report covers Winton’s GHG Emissions
Inventory for FY25 assured by Deloitte
Limited. This report is available on Winton’s
website. Questions about the report can
be directed to investors@winton.nz.
The period covered in this report
aligns with Winton’s financial period
for the 12 months ending 30 June 2025
unless otherwise stated. All financial
information in this report is presented in
New Zealand Dollars and excludes GST.
Company details
Winton Land Limited
NZCN 6310507
ABRN 655 601 568
Head office address:
Level 2, 11 Westhaven Drive,
Cracker Bay,
Auckland 1010
L
isted on the NZX and ASX
Introduction
FC Ayrburn Lakes,
Arrowtown
01 Beaches,
Matarangi
WINTON LAND LIMITED | 01GHG EMISSIONS INVENTORY REPORT FY25
1.1 Introduction
The purpose of this report is to provide the Winton Board
of Directors (Board), management and other intended
users, including regulators, the financial community and
other stakeholders, with data and reporting on Winton’s
GHG emissions to meet the requirements of its commitment
within its Sustainability Framework and the requirements of
climate-related disclosures.
This report contains emission data for this year’s inventory
compared to FY22, FY23 and FY24 with commentary.
The Emissions Inventory Report is a complete and accurate
quantification of the amount of GHG emissions and removals
that can be directly attributed to the organisation’s operation
within the declared boundary specified for this reporting
period. Winton prepares and discloses its GHG Emissions
Inventory Report annually following the end of its reporting
period, 30 June.
1.2 Organisation description
Winton is a publicly listed company (NZX: WIN, ASX: WTN)
with many large-scale projects in New Zealand and one in
Australia. Winton specialises in developing integrated and
fully master-planned communities that are best by design,
with superior building standards. Winton has a portfolio
of c5,750 residential land lots, dwellings, townhouses,
apartments, retirement living units and commercial units.
Winton has a small development team that outsources onsite
works and construction to different contractors and suppliers.
Winton has more recently diversified into commercial
and retirement. In FY25 it had a full year of trading at its
hospitality precinct called Ayrburn, opened new venues at
Ayrburn, completed the Cracker Bay Offices and completed
Stage One of Northbrook Wānaka.
1.3 Emissions period and base year
Winton’s measurement period aligns with its financial period,
1 July – 30 June. The inventory within this report is for the
1
2 months ending 30 June 2025 and comparable periods of
FY22, FY23 and FY24. Last financial year, Winton updated
its base year to FY24 to better reflect the change that has
occurred to the business, adding commercial and retirement
segments, and its progress in extending the emissions
inventory boundary to include value chain emissions.
Accordingly, the emissions stated in FY22 and FY23 for
Scope 3 emissions are not comparable to the FY24 and FY25
Scope 3 emissions.
Recalculation of base year emissions occurs for structural
changes, changes in methodology and discovery of significant
errors that have an impact greater than 10%. Recalculation does
not occur for organic growth or decline, changes involving
facilities that didn’t exist in the base year, and out-/in-sourcing of
activities that change the scope of the emissions. If a base year
recalculation is required but reliable data is not available, some
assumptions may need to be made to recalculate the base year.
1.4 Measurement standard
Winton’s GHG emissions inventory has been measured in
accordance with Greenhouse Gas Protocol: A Corporate
Accounting and Reporting Standard (Revised Edition)
(‘the GHG Protocol’) and ISO Standard 14064-1:2018.
GHG Emissions Inventory Report FY25
WINTON LAND
LIMITED
WINTON GROUP
HOLDINGS
LIMITED
RETIREMENT
6 ENTITIES
RESIDENTIAL
23 ENTITIES
COMMERCIAL
7 ENTITIES
WINTON OFFICES
3 OFFICES
WINTON LAND LIMITED | 02GHG EMISSIONS INVENTORY REPORT FY25
1.5 Boundary
Organisational boundaries were set with reference to the
methodology described in the GHG Protocol and ISO
14064-1:2018 standards.
S
cope 1, Scope 2 and Scope 3 emissions have been included
in FY25 inventory, prior years included partial measurement
of Scope 3 emissions.
1.6 Persons responsible
The Sustainability Manager is responsible for overall
emission inventory measurement and reduction
performance and for reporting results to top management.
The Sustainability Manager has the authority to represent
top management and the financial authority to authorise
the budget for the Programme. The Finance Manager
is heavily involved in the GHG emissions inventory
measurement and for implementing accurate systems and
processes to capture accurate data and information.
Top management commitment
The Board is the Governance Body for climate-related
disclosures and oversees the Senior Management team.
Winton’s Board and Senior Management team are
committed to measuring Winton’s emissions long-term and
supporting the development of related targets. The Board
considers the team's recommendations and approves them
where appropriate.
The GHG inventory assurance report is provided once the
Board has approved the GHG Emissions Inventory Report
following the recommendation of approval from the Audit
and Financial Risk Committee (AFRC).
Management involvement
Calculating Winton's emissions is completed quarterly
and aligns with Winton’s financial processes.
T
he Senior Management team provides resources and
budget for data collection, data processing, and inventory
report development.
The Sustainability Working Group supports the lead
author of this report, and is made up of senior people from
across the business, to consistently improve the inventory
process, long-term sustainability procedures and culture
and meet targets.
1.7 Dissemination policy
The GHG Emission inventory is disclosed within the GHG
Emission Inventory Report at the time of Winton’s Annual
Results disclosure and available on Winton’s website:
investors.winton.nz.
1.8 Consolidation approach
An operational control consolidation approach was used
to account for emissions2.
An operational control consolidation approach was selected
to encompass all core and indirect business activities.
2. Control: the organisation accounts for all GHG emissions and/or removals from facilities over which it has financial or operational control.
Equity share: t
he organisation accounts for its portion of GHG emissions and/or removals from respective facilities.
WINTON LAND LIMITED | 03GHG EMISSIONS INVENTORY REPORT FY25
Winton’s FY25 GHG Inventory Summary
Winton’s GHG emissions are measured in tonnes of carbon
dioxide equivalent (tCO₂e). The total FY25 emissions were
20,735.86 tCO₂e, a 16% decrease from FY24’s total of
24,807.77 tCO₂e.
Scope 1 emissions (category 1 direct emissions) increased
88% to 337.01 tCO₂e, attributable to an increase in emissions
from stationary combustion at Ayrburn. Scope 2 emissions
(category 2 indirect emissions from imported energy)
increased 148% to 144.93 tCO₂e due to increased electricity
consumption at Ayrburn and higher emission factors for NZ
electricity for 2025. Ayrburn traded the full 12 months in FY25
and added additional venues, compared to 7 months in FY24
with fewer venues, increasing Scope 1 and Scope 2 emissions.
Scope 3 emissions decreased 18% to 20,253.91 tCO₂e,
representing 97.7% of Winton’s GHG emissions for FY25,
reflecting a decrease in category 3 emissions by 25% and
category 4 emissions by 18%. The category 3 reduction is
from higher business travel in FY24 and lower emissions from
employee commute in FY25, relating to lower FTE headcount
in Auckland. The category 4 reduction reflects an improvement
in data accuracy by reducing Winton’s reliance on spend-based
factors by 14.47% and lower construction activity in FY25
compared to FY24. During FY25, Winton calculated emissions
from on-site contractors’ fuel and waste using data from the
contractors. As a result, this reduced emissions from purchased
goods and services and increased emissions from purchased fuel
and energy-related activities to 1,281.27 tCO₂e, and emissions
from waste and recycling increased to 575.46 tCO₂e.
While total emissions decreased 16% compared to FY24, the
decrease is primarily due to improvements in data accuracy
and reduced construction activity. Carbon intensity decreased
from 142.9 tCO₂e for every $1 million revenue in FY24 to 133.4
tCO₂e for every $1 million revenue in FY25. While this shows
a decrease in intensity, the reduction relates to improvements
in data accuracy and lower spend during FY25. We expect
improvements in data accuracy to continue to reduce emissions,
but emissions relating to business activity are expected to
fluctuate over time, depending on construction activity.
SCOPE 1 – CATEGORY 1
337.01 tCO₂e
1.6%
SCOPE 2 – CATEGORY 2
144.93 tCO₂e
0.7%
20,114.23
97.0%
139.69 tCO₂e
0.7%
SCOPE 3 – CATEGORY 3SCOPE 3 – CATEGORY 4
20,735.86
Tonnes of CO₂e
Direct emissions from mobile
and stationary combustion
D
irect emissions from
electricity consumption
Indirect emissions from
transportation
I
ndirect emissions
from products used
by organisation
WINTON LAND LIMITED | 04GHG EMISSIONS INVENTORY REPORT FY25
Table 1: GHG Emissions FY25 Inventory Summary
GHG
Protocol
Category
(ISO 14064-1:2018)
FY25
TCO₂e
FY24
TCO₂e
(base year)
FY23
TCO₂e
FY22
TCO₂e
Scope 1Category 1: Direct emissions 337.01 179.0876.73
72.18
Scope 2
Category 2: Indirect emissions from imported energy
(location-based method*)
144.93 58.5418.0211.16
Scope 3
Category 3: Indirect emissions from transportation 139.69 187.11166.2095.11
Category 4: Indirect emissions from products used by organisation20,114.2324,383.04116.226.45
Total direct emissions337.01179.0876.7372.18
Total indirect emissions*20,398.8524,628.69300.44112.72
Total gross emissions*20,735.8624,807.77377.17184.90
Total net emissions20,735.8624,807.77377.17184.90
Carbon Intensity – Revenue $M/tCO₂e
133.4142.9n/an/a
*Emissions are reported using a location-based methodology.
Winton does not have any emissions data for direct CO₂ emissions from biologically sequestered carbon. Carbon intensity has not been included for FY23 and FY22 as Total net
emissions for these two years didn’t include material Scope 3 emissions and therefore not comparable to FY24 and FY25.
WINTON LAND LIMITED | 05GHG EMISSIONS INVENTORY REPORT FY25
Table 2: Category 1 – Scope 1 Direct Emissions
Category
(ISO 14064-1:2018)
FY25
TCO₂e
FY24
TCO₂e
(base year)
FY23
TCO₂e
FY22
TCO₂e
Category: 1 Direct emissions
Total stationary combustion 210.32 57.840.00
0.00
Total mobile combustion (incl. company owned or leased vehicles) 126.69 121.2476.7372.18
Total Scope 1 Emissions 337.01 179.0876.7372.18
Category 1 emissions increased 88% to 337.01 tCO₂e due to an increase in stationary combustion from the use of LPG and
firewood. In FY25, Ayrburn was open for a full year of operation, compared to 7 months in FY24, and added new venues.
Table 3: Category 2 – Scope 2 Indirect Emissions
Category
(ISO 14064-1:2018)
FY25
TCO₂e
FY24
TCO₂e
FY23
TCO₂e
FY22
TCO₂e
Category 2: Indirect emissions
Imported electricity 144.93 58.54
18.0211.16
Total Scope 2 Emissions (Location Based) 144.93
58.54 18.0211.16
Total Scope 1 and Scope 2 481.93 237.62
94.7583.34
Location based emissions are the same as the market based emissions.
Category 2 emissions increased 148% to 144.93 tCO₂e, reflecting an increase in electricity used at Ayrburn from a full year of trading
(compared to 7 months in FY24) and additional venues opening in FY25, along with a 59% increase in tCO₂e per kWh of electricity
in FY25. The increased MFE emission factors for electricity in 2025 are driven by a higher proportion of fossil fuels used in New
Zealand’s energy generation in FY25 compared to FY24.
WINTON LAND LIMITED | 06GHG EMISSIONS INVENTORY REPORT FY25
Table 4: Category 3 and Category 4 – Scope 3 Emissions
Category
(ISO 14064-1:2018)
FY25
TCO₂e
FY24
TCO₂e
(base year)
FY23
TCO₂e
FY22
TCO₂e
Category 3: Indirect emissions from transportation
Business travel – Transport (non-company owned vehicles) 75.74 111.15
107.2662.12
Business travel – Accommodation 1.82 5.83
4.341.72
Employee commuting 61.85 69.954.5330.66
Working from home0.000.230.070.61
Client and visitor transport 0.27 ---
Total Category 3 Emissions
139.68 187.11 166.20 95.11
Category 4: Indirect emissions from products used by organisation
Purchased fuel and energy related activities 1,281.27 0.32 0.000.00
Purchased goods and services18,247.05 24,274.40 11.71 -
Disposal of solid waste – Landfilled 460.61 78.26 63.90 5.21
Disposal of solid waste – Not landfilled 2.07 0.73 0.00 0.22
Transmission of energy (T&D losses) 10.45 4.54 2.75 1.02
Recycling process 112.78 24.79 37.86 -
Total Category 4 Emissions
20,114.23 24,383.04 116.226.45
Total Scope 3 Emissions
20,253.91 24,570.15 282.42101.56
Scope 3 emissions decreased 18% from 24,570.15 tCO₂e in FY24 to 20,253.91 tCO₂e in FY25, as a result of category 3 and category 4
emissions decreasing.
Category 3 emissions decreased 27% to 139.69 tCO₂e in FY25, mainly attributable to less business travel and lower emissions from
employee commute due to a reduced FTE headcount in Auckland.
The decrease in category 4 emissions was mainly attributable to improved data accuracy, where activity data for fuel and waste
was collected from all onsite contractors, reducing the reliance on spend-based emission factors, and lower construction activity
compared to FY24. As a result, purchased goods and services decreased 25%, emissions from purchased fuel and energy-related
activities increased to 1,281.27 tCO₂e, and emissions from waste and recycling increased to 575.46 tCO₂e. The net outcome was an
18% decrease in category 4 emissions from indirect emissions from products used by the organisation, and an 18% decrease in total
S
cope 3 emissions. Where fuel and waste are the most material emission sources for a contractor, they are no longer included in
purchased goods and services.
WINTON LAND LIMITED | 07GHG EMISSIONS INVENTORY REPORT FY25
Table 5: GHG Breakdown – TCO₂e and Tonnes
Category
(ISO 14064-1:2018)
GHG emissions
TCO₂e
GHG emissions
TONNES
Scope 1
CO₂e 308.40 308.40
CH₄ 23.41 0.87
N₂O 5.19 0.02
Subtotal337.00
Scope 2 (location based)
CO₂e 140.89 140.89
CH₄ 3.70 0.14
N₂O 0.28 0.00
Subtotal
144.87
Scope 3
CO₂e 19,764.16 19,764.16
CH₄ 464.90 17.22
N₂O20.110.074
Subtotal
20,249.17
The subtotals of the above table are likely to differ from subtotals shown in other tables due to rounding.
Winton does not have SF₆, NF3, PFC and HFCA’s.
WINTON LAND LIMITED | 08GHG EMISSIONS INVENTORY REPORT FY25
02 Northbrook,
Wānaka
WINTON LAND LIMITED | 09GHG EMISSIONS INVENTORY REPORT FY25
2. Emission Management
2.1 Calculation methodology
A calculation methodology has been used for quantifying the emissions inventory based on the following calculation approach,
unless otherwise stated:
Emissions = activity data x emissions factor
All emissions were calculated using Toitū eManage with emissions factors. Global Warming Potentials (GWP) from the IPCC sixth
assessment report (AR6) have been used for GWP conversion.
Refer to Appendix One for emission sources and uncertainties.
2.2 Sources of emission factors
Winton uses Toitū eManage to calculate its emissions. Activity data is entered into the Toitū eManage software where emissions are
calculated using emission factors within the online tool and recorded in Winton’s inventory.
The source of emission factors for Winton’s FY25 GHG Emission Inventory are listed below. Winton’s emissions have been updated
with the latest changes to Ministry for the Environment (MFE) emission factors published in May 2025.
FY25 Sources of Emission Factors
Australian Government Climate Active Program. Public Disclosure Summary for Paper Australia Pty Ltd (Australian Paper).
Greenhouse gas emission factors for recycling of source-segregated waste materials. Resources, Conservation and Recycling.
2015, Pages 186-197. (Turner et al. (2015)
Market Economics Limited (2023). Consumption Emissions Modelling, report prepared for Auckland Council.
New Zealand Ministry for the Environment. MFE Guidance for Voluntary Greenhouse Gas Reporting. Wellington, New Zealand. (MFE (2025))
UK Department for Business, Energy and Industrial Strategy. Government greenhouse gas conversion factors for company
reporting. London, United Kingdom. (DESNZ (2024))
Waste and water supply's utilised a bespoke emissions factors developed by SimaPro based on research.
Toitū Environcare, internally derived using MFE and MBIE databases.
2.3 Selection of emission factors
Scope 1 and Scope 2 emission factors are selected in eManage to align with the category of the emission type and activity. Emission
factors for electricity and T&D losses are updated annually by MFE.
Where activity data (excluding spend-based) is available, eManage is used to select Scope 3 emission factors to be consistent with prior
reporting periods. Quarterly reviews are completed to ensure consistency of emission factors, category selection, and business units.
The emission factor is selected based on the following, in order of priority:
-
Geography – Winton is predominantly New Zealand-based and therefore New Zealand factors are prioritised.
- Year of emission factor – the most recent emission factors are utilised.
-
Relevance of the emission factor to the activity paid for by Winton.
Scope 3 spend-based emission factors are used when the dollars spent are the only available activity data. To ensure consistency
between periods and types of activities, an internal document captures definitions of the spend-based emission factors used.
Spend-based emissions are adjusted for inflation.
WINTON LAND LIMITED | 10GHG EMISSIONS INVENTORY REPORT FY25
2.4 Exclusions
Winton has not excluded any facilities, operations, or assets from the FY25 inventory.
Winton determined that any category 4 spend-based emission source that was less than 1% of Winton’s total GHG emissions
inventory and not closely linked to its material sources would be treated as de minimis and, therefore, excluded from the inventory.
This was specific to spend-based activity, and Winton continues to include Scope 3 sources that have been calculated using relevant
activity data (other than spend-based) and less than 1% of total emissions.
Winton has not assessed emissions classified category 5: Indirect emissions associated with the use of products from the organisation
(tCO₂e) and isn’t aware of any emissions classified category 6: Indirect emissions from other sources (tCO₂e).
2.5 Significant criteria used
Winton has moved to full value chain emissions measurement and, therefore, is calculating emissions from all of its business
activities, either using activity data or spend-based emission factors for Scope 3 purchased goods and services and reconciling
back to financials.
It has created a methodology to determine de minimus sources and determined that spend-based sources that are less than 1% can
be considered for de minimus exclusion unless they are closely linked to Winton’s most significant emission sources.
2.6 Monitoring and reporting
Winton has implemented a complaints register in respect of our emissions inventory process. The register is saved in a central
location and overseen by the Finance Manager. Any complaints are recorded in the register and communicated to the CFO and
Sustainability Manager. No complaints have been received in FY25.
3. Assurance of GHG emissions
Winton engaged Deloitte Limited to provide reasonable assurance for Scope 1 and 2 emissions and limited assurance for Scope 3
emissions for FY24 and FY25. The GHG emissions assurance report is included on page 15.
The AFRC Charter and Auditor Independence Policy have been updated to reflect the addition of the external GHG emissions assurance.
Toitū assured emissions for prior years included in this report (FY22 and FY23 in accordance with ISO 14064-1:2018), with
reasonable assurance for Scope 1 and Scope 2 emissions and limited assurance for Scope 3 emissions.
Prepared by: Sonya Fynmore, Sustainability and External Relations Manager
Prepared for: Winton Land Limited
For the period: 1 July 2024 – 30 June 2025
Approved by:
Chris Meehan
Chair and CEO
27 A
ugust 2025
Steven Joyce
Audit and Financial Risk Committee Chair
WINTON LAND LIMITED | 11GHG EMISSIONS INVENTORY REPORT FY25
Appendix One – Emission sources and uncertainties
GHG emissions
category
GHG emissions
source or sink
subcategory
Overview of activity
data and evidence
Explanation of uncertainties or assumptions around
Winton data and evidence
Use of default
and average emission factors
Category 1:
Direct
emissions and
removals
Stationary
combustion
LPG stationary
commercial
• LPG Data was sourced from the supplier
whom also confirmed the total L usage.
Firewood• All data was sourced from supplier records,
a calculation was performed on the average
weight of green cut wood against the cubic
metres ordered to arrive at the total tonne.
Mobile combustion
(incl. company-
owned or leased
vehicles)
Diesel, Petrol
premium, Petrol
regular
•
Where applicable all source data is derived from
supplier records – assumptions were derived for
the below as noted:
•
P
etrol – where no detail was available on the
petrol type, petrol unleaded was assumed as the
petrol source. If no details on litres on both diesel
and petrol were supplied average cost per litre
calculation was used.
Category 2:
Indirect
emissions
from imported
energy
Imported
electricity
Electricity• All electricity source data was derived from
supplier records.
•
Each ICP number has a diff
erent billing cycle
and therefore do not all cut off exactly at
the end of a financial period – due to this,
a calculation to prorate the total kwH not
relevant to FY25 has been used and that data
removed from any FY25 reported data.
WINTON LAND LIMITED | 12GHG EMISSIONS INVENTORY REPORT FY25
Appendix One – Emission sources and uncertainties cont'd
GHG emissions
category
GHG emissions
source or sink
subcategory
Overview of activity
data and evidence
Explanation of uncertainties or assumptions around
Winton data and evidence
Use of default
and average emission factors
Category 3:
Indirect
emissions from
transportation
Business travel –
Transport
(non-company
owned vehicles)
Flights, mileage,
taxis and rental
vehicles
• Flight data is extracted from the Air New
Zealand report and portal. If it wasn’t an Air NZ
flight, activity data was calculated based on
the Toitū Flight Calculator.
• Diesel + petrol – Corporate Cabs/taxi regular
data was derived from detailed supplier records.
Assumptions were derived if the petrol type
was unknown, default was selected as Petrol
Unleaded for a conservative approach. Taxi
distance in cases where this was unknown was
based on an average price calculated per km.
• Ubers – as a conservative approach, the emission
factor for taxi-regular petrol has been used.
Business travel
– Accommodation
Accommodation
– Australia,
Accommodation
– New Zealand
• All accommodation data is derived from GL
Records within Winton’s finance system, with
invoice evidence.
Employee
commuting
Car, bus, electric
scooter, ferry, taxi,
electric bike
• The commuter survey is sent quarterly, and the
response rate is nearly 100%. If an employee
cannot complete it within the required time,
the data for the previous quarter was rolled
forward. If an employee left partway through
a quarter, their data was not recorded – only
employees employed at the time the survey was
circulated are included.
• With the opening of our Ayrburn Hospitality
Precinct, only the full-time employees with
individual email addresses are captured in the
commuter survey.
WINTON LAND LIMITED | 13GHG EMISSIONS INVENTORY REPORT FY25
Appendix One – Emission sources and uncertainties cont'd
GHG emissions
category
GHG emissions
source or sink
subcategory
Overview of
activity data and
evidence
Explanation of uncertainties or assumptions around
Winton data and evidence
Use of default
and average emission factors
Category 4:
Indirect
emissions from
products
used by
organisation
Purchased goods
and services
Paper, Spend-
based purchased
goods and
services, water
supply (int.
default)
• Paper use is assumed based on print numbers
across all photocopiers and printers within
the Group. Fuji Xerox supply quarterly reports
confirming these numbers.
• Spend-based emission factors use the cost of the
activity (excl GST $) as the activity data. These
were used for the majority of Winton’s purchased
goods and services. The Market Economics
Limited (2023) Consumption Emissions Modelling
report prepared for Auckland Council was the
main source for these spend-based factors as
they had the best geographic suitability.
There is uncertainty around accuracy when
using spend-based emission factors, however,
this was mitigated by understanding the
underlying supplier and paying particular
attention to the material sources.
• Spend-based emissions have been adjusted for
inflation where the emission factor source
doesn’t match the inventory period.
D
ata was obtained from
Winton’s largest food
supplier and applied to
Market Economics Limited
(2023) emission factors,
where possible, to improve
the accuracy of emissions
from Ayrburn’s purchased
food and beverages and
therefore reduce the
reliance on the blended
average emission factors
used in FY24. The blended
average emission factor
used for the remaining food
and beverage spend was
also improved and is still
entered as a pre-calculated
amount (tCO₂e).
Disposal of
solid waste –
Landfilled
Waste to Landfill
Mixed waste (int.
default)
• The Waste-Landfill mixed waste default option
was selected for all Waste that was unable to
be confirmed as solely green and/or paper
waste. Source data was used to calculate the
total Tonne, and assumptions then based off this
data were used to calculate the few items where
no receipt detail was provided. A conservative
approach used that can be improved.
Disposal of solid
waste – Not
landfilled
Composting,
Waste disposal
recycling of
Paper
• Disposal of solid waste – not landfilled is
measured by waste suppliers and reported
monthly to Winton.
Transmission
of energy (T&D
losses)
Electricity
distributed T&D
losses
• Refer electricity.
Recycling
process
Recycling – Card,
Recycling –
Commingled,
Recycling –
Mixed glass
• Source data was used to calculate the total number
of bins collected for each waste type. In some cases,
the exact tonnage was supplied and assumptions
on total weight were then based on the weight of
a full bin (obtained by the source suppliers).
CO₂
• All data was sourced from supplier reports
provided quarterly that detail the total cyclinders
and quantity consumed.
BC Ayrburn Lakes,
Arrowtown
WINTON LAND LIMITED | 14GHG EMISSIONS INVENTORY REPORT FY25
Independent Assurance Report on Winton Land Limited’s Greenhouse Gas (‘GHG’) Emissions Inventory
ZĞƉŽƌƚ
dŽƚŚĞ ^ŚĂƌĞŚŽůĚĞƌƐŽĨtŝŶƚŽŶ>ĂŶĚ>ŝŵŝƚĞĚ
tĞŚĂǀĞƵŶĚĞƌƚĂŬĞŶĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚƌĞůĂƚŝŶŐƚŽ^ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐĂŶĚĂ
ůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚƌĞůĂƚŝŶŐƚŽ^ĐŽƉĞϯ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐǁŝƚŚŝŶƚŚĞ',' ŵŝƐƐŝŽŶƐ/ŶǀĞŶƚŽƌLJ
Report (the ‘','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ’) of Winton Land Limited (the ‘ŽŵƉĂŶLJ’) and its subsidiaries (the ‘'ƌŽƵƉ’) for the year
ĞŶĚĞĚϯϬ:ƵŶĞϮϬϮρ͕ĐŽŵƉƌŝƐŝŶŐƚŚĞĞŵŝƐƐŝŽŶƐ ŝŶǀĞŶƚŽƌLJĂŶĚƚŚĞ ĞdžƉůĂŶĂƚŽƌLJŶŽƚĞƐƐĞƚ ŽƵƚŽŶƉĂŐĞƐϬϭƚŽϭκ͘
dŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚƉƌŽǀŝĚĞƐŝŶĨŽƌŵĂƚŝŽŶĂďŽƵƚƚŚĞŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐŽĨƚŚĞ'ƌŽƵƉ ĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞ
ϮϬϮρĂŶĚŝƐďĂƐĞĚŽŶŚŝƐƚŽƌŝĐĂůŝŶĨŽƌŵĂƚŝŽŶ͘dŚŝƐŝŶĨŽƌŵĂƚŝŽŶŝƐƐƚĂƚĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨ/ŶƚĞƌŶĂƚŝŽŶĂů
^ƚĂŶĚĂƌĚ/^KϭκϬςκͲϭ'ƌĞĞŶŚŽƵƐĞŐĂƐĞƐ–WĂƌƚϭ͗^ƉĞĐŝĨŝĐĂƚŝŽŶǁŝƚŚŐƵŝĚĂŶĐĞĂƚƚŚĞŽƌŐĂŶŝƐĂƚŝŽŶůĞǀĞůĨŽƌƋƵĂŶƚŝĨŝĐĂƚŝŽŶĂŶĚ
ƌĞƉŽƌƚŝŶŐŽĨŐƌĞĞŶŚŽƵƐĞŐĂƐĞŵŝƐƐŝŽŶƐĂŶĚƌĞŵŽǀĂůƐĂŶĚƚŚĞ'ƌĞĞŶŚŽƵƐĞ'ĂƐWƌŽƚŽĐŽů͗ŽƌƉŽƌĂƚĞĐĐŽƵŶƚŝŶŐĂŶĚZĞƉŽƌƚŝŶŐ
^ƚĂŶĚĂƌĚ ;ZĞǀŝƐĞĚ ĚŝƚŝŽŶ Ϳ;ĐŽůůĞĐƚŝǀĞůLJthe ‘ƉƉůŝĐĂďůĞƌŝƚĞƌŝĂ’)͘
ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶĨŽƌ^ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ
In our opinion, the Scope 1 and 2 GHG emissions and related disclosures within the Group’s GHG Inventory Report for ƚŚĞLJĞĂƌ
ĞŶĚĞĚϯϬ:ƵŶĞϮϬϮρŚĂǀĞďĞĞŶƉƌĞƉĂƌĞĚ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞƉƉůŝĐĂďůĞ
ƌŝƚĞƌŝĂ͘
>ŝŵŝƚĞĚ ĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶĨŽƌ^ĐŽƉĞϯ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ
ĂƐĞĚŽŶƚŚĞƉƌŽĐĞĚƵƌĞƐǁĞŚĂǀĞƉĞƌĨŽƌŵĞĚĂŶĚƚŚĞĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚ͕ŶŽƚŚŝŶŐŚĂƐĐŽŵĞƚŽŽƵƌĂƚƚĞŶƚŝŽŶƚŚĂƚ
causes us to believe that the Scope 3 GHG emissions and related disclosures within the Group’s GHG Inventory Report for the
LJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮρŚĂǀĞŶŽƚďĞĞŶƉƌĞƉĂƌĞĚ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ
ƉƉůŝĐĂďůĞƌŝƚĞƌŝĂ͘
ĂƐŝƐĨŽƌƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶĂŶĚůŝŵŝƚĞĚ ĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶ
tĞĐŽŶĚƵĐƚĞĚŽƵƌĞŶŐĂŐĞŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚŽŶƐƐƵƌĂŶĐĞ ŶŐĂŐĞŵĞŶƚƐ;EĞǁĞĂůĂŶĚͿϯκϭϬ͗
ƐƐƵƌĂŶĐĞ ŶŐĂŐĞŵĞŶƚƐŽŶ'ƌĞĞŶŚŽƵƐĞ'ĂƐ^ƚĂƚĞŵĞŶƚƐ(‘/^ ;EͿϯκϭϬ’) issued by the New Zealand Auditing and Assurance
^ƚĂŶĚĂƌĚƐŽĂƌĚ(‘EƵ^’)͘
tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ
ŽƉŝŶŝŽŶĨŽƌƚŚĞ^ ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐĂŶĚůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶĨŽƌƚŚĞ^ ĐŽƉĞϯ ','
ĞŵŝƐƐŝŽŶƐ ĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ͘
KƚŚĞƌ ŵĂƚƚĞƌ–ƐĞƉĂƌĂƚĞ'ƌŽƵƉ ůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐ;also referred to as ‘ClimateͲrelated Disclosures’)
dŚĞ'ƌŽƵƉŚĂƐĂůƐŽƉƌĞƉĂƌĞĚ'ƌŽƵƉ ůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮρǁŚŝĐŚŝŶĐůƵĚĞƐƐŽŵĞ','ĞŵŝƐƐŝŽŶƐ
ŝŶĨŽƌŵĂƚŝŽŶĚŝƐĐůŽƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌĞƋƵŝƌĞŵĞŶƚƐŽĨdŚĞŽƚĞĂƌŽĂEĞǁĞĂůĂŶĚůŝŵĂƚĞ^ƚĂŶĚĂƌĚƐ͘tĞŚĂǀĞƉĞƌĨŽƌŵĞĚĂ
ƐĞƉĂƌĂƚĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚEĞǁĞĂůĂŶĚ^ƚĂŶĚĂƌĚŽŶƐƐƵƌĂŶĐĞ ŶŐĂŐĞŵĞŶƚƐϭ͗ƐƐƵƌĂŶĐĞ
ŶŐĂŐĞŵĞŶƚƐŽǀĞƌ'ƌĞĞŶŚŽƵƐĞ'ĂƐ ŵŝƐƐŝŽŶƐŝƐĐůŽƐƵƌĞƐŝƐƐƵĞĚ ďLJƚŚĞ džƚĞƌŶĂůZĞƉŽƌƚŝŶŐŽĂƌĚŽǀĞƌƐĞůĞĐƚĞĚ','ĚŝƐĐůŽƐƵƌĞƐ
ŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ'ƌŽƵƉůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐ͘dŚĞ'ƌŽƵƉůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐƚŽŐĞƚŚĞƌǁŝƚŚŽƵƌƐĞƉĂƌĂƚĞĂƐƐƵƌĂŶĐĞƌĞƉŽƌƚŝƐ
ĂǀĂŝůĂďůĞĂƚŚƚƚƉƐ͗ͬͬŝŶǀĞƐƚŽƌƐ͘ǁŝŶƚŽŶ͘ŶnjͬŝŶǀĞƐƚŽƌͲĐĞŶƚƌĞͬ ͘
Directors’ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ
dŚĞŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞGroup’s','/ ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ ƌĞƋƵŝƌĞŵĞŶƚƐŽĨ
ƚŚĞ ƉƉůŝĐĂďůĞƌŝƚĞƌŝĂ͘dŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚLJŝŶĐůƵĚĞƐƚŚĞĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶ͕ĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƌĞůĞǀĂŶƚƚŽ
ƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞGroup’s ','/ ŶǀĞŶƚŽƌLJZĞƉŽƌƚ ƚŚĂƚŝƐĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŝŶĚĞƉĞŶĚĞŶƚƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶĨŽƌƚŚĞ^ĐŽƉĞϭĂŶĚϮ',' ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚ
ĚŝƐĐůŽƐƵƌĞƐĂŶĚĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶĨŽƌƚŚĞ^ ĐŽƉĞϯ ',' ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐǁŝƚŚŝŶƚŚĞ Group’s GHG
/ŶǀĞŶƚŽƌLJZĞƉŽƌƚďĂƐĞĚŽŶƚŚĞƉƌŽĐĞĚƵƌĞƐǁĞŚĂǀĞƉĞƌĨŽƌŵĞĚĂŶĚƚŚĞĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚ͘
WINTON LAND LIMITED | 15GHG EMISSIONS INVENTORY REPORT FY25
KƵƌ ĞŶŐĂŐĞŵĞŶƚǁĂƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/^ ;EͿϯκϭϬ͘dŚĂƚƐƚĂŶĚĂƌĚƌĞƋƵŝƌĞƐƚŚĂƚǁĞƉůĂŶĂŶĚƉĞƌĨŽƌŵƚŚŝƐ
ĞŶŐĂŐĞŵĞŶƚƚŽŽďƚĂŝŶƚŚĞůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞŝĚĞŶƚŝĨŝĞĚ͘
ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĨŽƌ^ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐ ĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ
ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/^ ;EͿϯκϭϬŝŶǀŽůǀĞƐƉĞƌĨŽƌŵŝŶŐƉƌŽĐĞĚƵƌĞƐƚŽŽďƚĂŝŶĞǀŝĚĞŶĐĞ
ĂďŽƵƚƚŚĞƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞGroup’s','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͘dŚĞŶĂƚƵƌĞ͕ƚŝŵŝŶŐĂŶĚ
ĞdžƚĞŶƚŽĨƉƌŽĐĞĚƵƌĞƐƐĞůĞĐƚĞĚĚĞƉĞŶĚŽŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚ͕ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂů
ŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ŝŶƚŚĞGroup’s','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͘/ŶŵĂŬŝŶŐƚŚŽƐĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚƐ͕ǁĞ
considered internal control relevant to the Group’s preparĂƚŝŽŶŽĨƚŚĞ^ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŝŶ
ƚŚĞ Group’s','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͘ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚĂůƐŽŝŶĐůƵĚĞƐ͗
•ssessing the suitability in the circumstances of the Group’s use of Applicable Criteria, as the basis for preparing ƚŚĞ
^ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞ Group’s ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͖
• ǀĂůƵĂƚŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƋƵĂŶƚŝĨŝĐĂƚŝŽŶŵĞƚŚŽĚƐĂŶĚƌĞƉŽƌƚŝŶŐƉŽůŝĐŝĞƐƵƐĞĚ͕ĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨ
ĞƐƚŝŵĂƚĞƐŵĂĚĞďLJƚŚĞ'ƌŽƵƉ͖ĂŶĚ
• ǀĂůƵĂƚŝŶŐƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ^ĐŽƉĞϭĂŶĚϮ',' ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞGroup’s','
/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͘
>ŝŵŝƚĞĚ ĂƐƐƵƌĂŶĐĞĨŽƌ^ĐŽƉĞϯ','Ğ ŵŝƐƐŝŽŶƐ ĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐ
ůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/^ ;EͿϯκϭϬŝŶǀŽůǀĞƐĂƐƐĞƐƐŝŶŐƚŚĞƐƵŝƚĂďŝůŝƚLJŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐŽĨƚŚĞ
Group’sƵƐĞŽĨƚŚĞƉƉůŝĐĂďůĞƌŝƚĞƌŝĂĂƐƚŚĞďĂƐŝƐĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞ^ĐŽƉĞϯ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŝŶ
ƚŚĞGroup’s','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͕ĂƐƐĞƐƐŝŶŐƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ƌĞƐƉŽŶĚŝŶŐƚŽ
ƚŚĞĂƐƐĞƐƐĞĚƌŝƐŬƐĂƐŶĞĐĞƐƐĂƌLJŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ĂŶĚĞǀĂůƵĂƚŝŶŐƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ^ĐŽƉĞϯ','ĞŵŝƐƐŝŽŶƐĂŶĚ
ƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞGroup’s','/ ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͘ ůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝƐƐƵďƐƚĂŶƚŝĂůůLJůĞƐƐŝŶƐĐŽƉĞƚŚĂŶĂ
ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝŶƌĞůĂƚŝŽŶƚŽďŽƚŚƚŚĞƌŝƐŬĂƐƐĞƐƐŵĞŶƚƉƌŽĐĞĚƵƌĞƐ͕ŝŶĐůƵĚŝŶŐĂŶƵŶĚĞƌƐƚĂŶĚŝŶŐŽĨŝŶƚĞƌŶĂů
ĐŽŶƚƌŽů͕ĂŶĚƚŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚŝŶƌĞƐƉŽŶƐĞƚŽƚŚĞĂƐƐĞƐƐĞĚƌŝƐŬƐ͘
dŚĞƉƌŽĐĞĚƵƌĞƐǁĞƉĞƌĨŽƌŵĞĚǁĞƌĞďĂƐĞĚŽŶŽƵƌƉƌŽĨĞƐƐŝŽŶĂůũƵĚŐĞŵĞŶƚĂŶĚŝŶĐůƵĚĞĚĞŶƋƵŝƌŝĞƐ͕ŽďƐĞƌǀĂƚŝŽŶƐŽĨƉƌŽĐĞƐƐĞƐ
ƉĞƌĨŽƌŵĞĚ͕ŝŶƐƉĞĐƚŝŽŶŽĨĚŽĐƵŵĞŶƚƐ͕ĂŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐ͕ĞǀĂůƵĂƚŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƋƵĂŶƚŝĨŝĐĂƚŝŽŶŵĞƚŚŽĚƐĂŶĚ
ƌĞƉŽƌƚŝŶŐƉŽůŝĐŝĞƐ͕ĂŶĚĂŐƌĞĞŝŶŐŽƌƌĞĐŽŶĐŝůŝŶŐǁŝƚŚƵŶĚĞƌůLJŝŶŐƌĞĐŽƌĚƐ͘
/ŶƵŶĚĞƌƚĂŬŝŶŐŽƵƌůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚĨŽƌ ^ĐŽƉĞϯ ',' ĞŵŝƐƐŝŽŶƐand related disclosures in the Group’s GHG
/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͕ǁĞ͗
•KďƚĂŝŶĞĚ͕through inquiries, an understanding of the Group’s control environment, processes, and information systems
ƌĞůĞǀĂŶƚƚŽĞŵŝƐƐŝŽŶƐƋƵĂŶƚŝĨŝĐĂƚŝŽŶĂŶĚƌĞƉŽƌƚŝŶŐ͘tĞĚŝĚŶŽƚĞǀĂůƵĂƚĞƚŚĞĚĞƐŝŐŶŽĨƉĂƌƚŝĐƵůĂƌĐŽŶƚƌŽůĂĐƚŝǀŝƚŝĞƐ͕Žƌ
ŽďƚĂŝŶĞǀŝĚĞŶĐĞĂďŽƵƚƚŚĞŝƌŝŵƉůĞŵĞŶƚĂƚŝŽŶ͘
•Evaluated whether the Group’s methods for developing estimates are appropriate and had been consistently applied.
KƵƌƉƌŽĐĞĚƵƌĞƐĚŝĚŶŽƚŝŶĐůƵĚĞƚĞƐƚŝŶŐƚŚĞĚĂƚĂŽŶǁŚŝĐŚƚŚĞĞƐƚŝŵĂƚĞƐĂƌĞďĂƐĞĚŽƌƐĞƉĂƌĂƚĞůLJĚĞǀĞůŽƉŝŶŐŽƵƌŽǁŶ
ĞƐƚŝŵĂƚĞƐĂŐĂŝŶƐƚǁŚŝĐŚƚŽĞvaluate the Group’s estimates.
•WĞƌĨŽƌŵĞĚĂŶĂůLJƚŝĐĂůƉƌŽĐĞĚƵƌĞƐŽŶƉĂƌƚŝĐƵůĂƌĞŵŝƐƐŝŽŶƐĐĂƚĞŐŽƌŝĞƐďLJĐŽŵƉĂƌŝŶŐƚŚĞĞdžƉĞĐƚĞĚ','ƐĞŵŝƚƚĞĚƚŽĂĐƚƵĂů
','ƐĞŵŝƚƚĞĚĂŶĚŵĂĚĞŝŶƋƵŝƌŝĞƐŽĨŵĂŶĂŐĞŵĞŶƚƚŽŽďƚĂŝŶĞdžƉůĂŶĂƚŝŽŶƐĨŽƌĂŶLJƐŝŐŶŝĨŝĐĂŶƚĚŝĨĨĞƌĞŶĐĞƐǁĞŝĚĞŶƚŝĨŝĞĚ͘
•ŽŶƐŝĚĞƌĞĚƚŚĞƉƌĞƐĞŶƚĂƚŝŽŶĂŶĚĚŝƐĐůŽƐƵƌĞŽĨƚŚĞ^ĐŽƉĞϯ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚĚŝƐĐůŽƐƵƌĞƐin Group’s GHG
/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ͘
dŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚŝŶĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚǀĂƌLJŝŶŶĂƚƵƌĞĂŶĚƚŝŵŝŶŐĨƌŽŵ͕ĂŶĚĂƌĞůĞƐƐŝŶĞdžƚĞŶƚƚŚĂŶĨŽƌ͕Ă
ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚ͘ŽŶƐĞƋƵĞŶƚůLJ͕ƚŚĞůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞŽďƚĂŝŶĞĚŝŶĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝƐ
ƐƵďƐƚĂŶƚŝĂůůLJůŽǁĞƌƚŚĂŶƚŚĞĂƐƐƵƌĂŶĐĞƚŚĂƚǁŽƵůĚŚĂǀĞďĞĞŶŽďƚĂŝŶĞĚŚĂĚǁĞƉĞƌĨŽƌŵĞĚĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚ͘
ĐĐŽƌĚŝŶŐůLJ͕ǁĞĚŽŶŽƚĞdžƉƌĞƐƐĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶĂďŽƵƚǁŚĞƚŚĞƌƚŚĞ ^ĐŽƉĞϯ ','ĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚ
ĚŝƐĐůŽƐƵƌĞƐŝŶƚŚĞGroup’s','/ ŶǀĞŶƚŽƌLJZĞƉŽƌƚŚĂ ǀĞ ďĞĞŶƉƌĞƉĂƌĞĚ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ
ƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞƉƉůŝĐĂďůĞƌŝƚĞƌŝĂ͘
KƵƌ ŝŶĚĞƉĞŶĚĞŶĐĞĂŶĚƋƵĂůŝƚLJŵĂŶĂŐĞŵĞŶƚ
tĞŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞĂŶĚŽƚŚĞƌĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞWƌŽĨĞƐƐŝŽŶĂůĂŶĚ ƚŚŝĐĂů^ƚĂŶĚĂƌĚϭ͗
/ŶƚĞƌŶĂƚŝŽŶĂůŽĚĞŽĨ ƚŚŝĐƐĨŽƌƐƐƵƌĂŶĐĞWƌĂĐƚŝƚŝŽŶĞƌƐ;ŝŶĐůƵĚŝŶŐ/ŶƚĞƌŶĂƚŝŽŶĂů/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐͿ;EĞǁĞĂůĂŶĚͿŝƐƐƵĞĚ
ďLJƚŚĞ EƵ^ ͕ǁŚŝĐŚŝƐĨŽƵŶĚĞĚŽŶĨƵŶĚĂŵĞŶƚĂůƉƌŝŶĐŝƉůĞƐŽĨŝŶƚĞŐƌŝƚLJ͕ŽďũĞĐƚŝǀŝƚLJ͕ƉƌŽĨĞƐƐŝŽŶĂůĐŽŵƉĞƚĞŶĐĞĂŶĚĚƵĞĐĂƌĞ͕
ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJ͕ĂŶĚƉƌŽĨĞƐƐŝŽŶĂůďĞŚĂǀŝŽƵƌ͘
/ŶĂĚĚŝƚŝŽŶƚŽƚŚŝƐĞŶŐĂŐĞŵĞŶƚ͕ǁĞĂůƐŽƉƌŽǀŝĚĞĂƐƐƵƌĂŶĐĞŽǀĞƌƚŚĞ^ĞůĞĐƚĞĚ'ƌĞĞŶŚŽƵƐĞ'ĂƐŝƐĐůŽƐƵƌĞƐŝŶĐůƵĚĞĚǁŝƚŚŝŶƚŚĞ
'ƌŽƵƉ ůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞ'ƌŽƵƉ͘KƚŚĞƌƚŚĂŶŝŶŽƵƌĐĂƉĂĐŝƚLJĂƐĂƐƐƵƌĂŶĐĞƉƌŽǀŝĚĞƌ͕ǁĞŚĂǀĞŶŽƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚŽƌ
WINTON LAND LIMITED | 16GHG EMISSIONS INVENTORY REPORT FY25
WINTON LAND LIMITED | 17GHG EMISSIONS INVENTORY REPORT FY25
winton.nz
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CLIMATE - RE L ATE D
DISCLOSURES
FY25winton.nz
Introduction
01
Contents
04Governance
08
Strategy
23Appendix
17Risk
18Metrics and targets
26
Deloitte Assurance Report
CLIMATE-RELATED DISCLOSURES FY25
About this report
T
his Group Climate Statement
covers Winton’s Climate-Related
Disclosures for FY25. This report is
available on Winton’s website. Questions
about the report can be directed to
investors@winton.nz.
The period covered in this report
aligns with Winton’s financial period
for the 12 months ending 30 June 2025
unless otherwise stated. All financial
information in this report is presented in
New Zealand Dollars and excludes GST.
Company details:
Winton Land Limited
NZCN 6310507
ABRN 655 601 568
Head office address:
Level 2, 11 Westhaven Drive,
Cracker Bay,
Auckland 1010
L
isted on the NZX and ASX
Introduction
FC Ayrburn Lakes,
Arrowtown
01
Sunfield,
Papakura
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 01
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETSDELOITTE ASSURANCE REPORTAPPENDIX
Statement of compliance
W
inton Land Limited (Winton)
is a climate-reporting entity
under the Financial Markets Conduct
Act 2013. These climate-related
disclosures comply with Aotearoa
New Zealand Climate Standards
(NZ CS 1, 2 and 3) issued by the
E
xternal Reporting Board (XRB).
In preparing its climate-related disclosures, Winton has
elected to use the following adoption provisions in NZ CS2:
• Adoption provision 2: Anticipated financial impacts. This
adoption provision exempts Winton from disclosing the
anticipated financial impacts of climate-related risks and
opportunities reasonably expected by Winton.
•
Adoption provision 4: Scope 3 GHG emissions. This
adoption provision exempts Winton from disclosing all
Scope 3 greenhouse gas (GHG) emissions. Winton has
disclosed all Scope 3 Category 3 and Category 4 emissions
that are 1% and above (in accordance with ISO 14064-1)
but Winton is utilising this adoption provision to allow time
t
o consider additional Categories.
• Adoption provision 5: Comparatives for Scope 3 GHG
emissions. This adoption provision exempts Winton from
disclosing Scope 3 GHG comparative information for the
immediately preceding two reporting periods.
• Adoption provision 6: Comparatives for metrics. This
adoption provision exempts Winton from disclosing
comparative information for each metric disclosed for the
immediately preceding two reporting periods.
• Adoption provision 7: Analysis of trends. This adoption
provision exempts Winton from disclosing an analysis of
trends evident from the comparison of each metric from the
previous reporting periods to the current reporting period.
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETSDELOITTE ASSURANCE REPORT
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 02
APPENDIX
Disclaimer
T
he statements in this report (Statements) are published
by Winton for the climate-related disclosures period
from 1 July 2024 to 30 June 2025.
The Statements outline Winton’s scenario analysis, its
understanding of climate-related risks and opportunities,
and its response to the potential current and future impacts
of climate change. For this period, Winton has included an
overview of its transition planning activities as part of its
evolving climate strategy.
Winton recognises that climate change presents complex
and evolving risks and uncertainties. The Statements reflect
Winton’s current understanding based on available data and
assumptions, including forward-looking climate scenarios,
transition targets, and other projections. These assessments
are inherently uncertain and may change as new information,
regulations, technologies, and market developments emerge.
As a result, actual outcomes may not eventuate or may
differ materially from those described or implied in the
Statements. A range of external factors, including shifts in
economic conditions, policy, regulation, consumer behaviour,
and technological advancement, may influence Winton’s
performance and progress against stated targets.
Winton has made every effort to ensure that the Statements
are based on reasonable assumptions and methodologies.
However, Winton makes no representation or warranty,
express or implied, as to the accuracy, reliability or
completeness of the information provided. The Statements
are not intended to constitute financial, legal, tax, or
other professional advice. They are provided for general
information purposes only and reflect Winton’s ongoing
commitment to transparency and continuous improvement
in climate-related reporting.
Approved on behalf of the Board on 27 August 2025.
Chris Meehan
Chair and CEO
S
teven Joyce
Audit and Financial Risk Committee Chair
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETSDELOITTE ASSURANCE REPORT
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 03
APPENDIX
T
he Winton Board of Directors
(Board) is the governance body
responsible for overseeing climate-
related risks and opportunities. This
section describes the role the Board
plays in overseeing these risks and
opportunities, as well as the role of the
Senior Management Team in assessing
and managing them.
Governance body oversight
The Board is responsible for overseeing
climate-related risks and opportunities
affecting Winton and for ensuring
compliance with climate-related standards.
The Board is informed 2-4 times per year
about ESG considerations, which include
climate-related risks and opportunities.
In FY25, the main ESG focus was on
e
volving Winton’s Climate-Related
Disclosures to provide further detail
on Winton’s transition to a low-carbon,
climate-resilient economy and working
towards meeting the short-term targets
outlined in the FY24 Climate Statement.
Physical and transitional climate risks and
necessary adaption are also considered
by the Board as part of standard business
operations, in relation to the asset
acquisition, strategy and execution.
The Board meets at least 6 times per year,
and climate-related discussions were
included 3 times in FY25. For a summary,
refer to the table on page 6.
Sustainability is an element in the Board
Skills Matrix and the assessment of the
level of those skills. The Board skills
matrix is included in the Corporate
Governance Section of the FY25 Annual
Report and is an integral part of the
Board composition and recruitment
strategy. The Board Skills Matrix is
reviewed and adjusted annually to reflect
any change in expertise as a Director.
Appropriate skills and competencies are
delivered not only through a mix of Board
appointments but also through continuous
education. The Directors receive ongoing
education on the regulatory requirements
of climate standards and are provided
with governance climate resources,
industry guidance, and open sessions
with the Sustainability Manager. These
resources are designed to enhance the
Board’s climate expertise.
Climate-related risks and opportunities
are integrated into the development
and oversight of Winton’s strategy
implementation. Under Winton’s Risk
Management Framework, which is
approved by the Board, the Senior
Management Team is responsible for
promoting good risk practices in their
teams. The Risk section on page 17
provides further details on how Winton
identifies, assesses, and manages
climate-related risks.
The Senior Management Team and
Sustainability Manager recommend
the appropriate metrics and targets to
the Board for their approval and report
against those metrics. The Board monitors
metrics and progress against targets
for managing climate-related risks and
opportunities at least annually, as part of
the ESG agenda item when new quarterly
data becomes available.
The related metrics are not incorporated
into remuneration policies.
Governance
WINTON BOARD
OF DIRECTORS
(CRD GOVERNANCE)
SUSTAINABILITY
MANAGER
GHG
EMISSIONS
INVENTORY
AUDIT AND
FINANCIAL RISK
COMMITTEE
(OVERSEES GHG)
SENIOR
MANAGEMENT
TEAM
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETS
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 04
DELOITTE ASSURANCE REPORTAPPENDIX
Roles and responsibilities
BOARD
Oversees Winton’s strategic direction
and the performance of the Senior
Management Team. Oversees Climate-
related risks and opportunities, including
the Senior Management Team’s role
in assessing and managing them and
monitoring progress against disclosure
requirements. The Board has approved
metrics and targets recommended by the
Senior Management Team and will analyse
and review progress at least annually.
The Board is responsible for compliance
with climate-related standards.
AUDIT & FINANCIAL RISK COMMITTEE
Takes responsibility for ensuring the
quality and integrity of external financial
reporting, including the accuracy,
completeness, and timeliness of financial
statements. Therefore, it oversees the
assurance of Winton’s GHG emissions,
assured by a separate external
assurance practitioner.
F
ollowing similar processes to the
financial audit, the GHG emissions
inventory and audit report are provided to
the Audit and Financial Risk Committee,
which recommends them to the Board for
approval and disclosure.
SENIOR MANAGEMENT TEAM.Leads Winton’s strategy and performance,
including the assessment, adaptation, and
mitigation of climate-related risks and
opportunities. The Senior Management
Team meets regularly, and the CFO and/or
GM Corporate Services raises and reports
on ESG, including climate-related risks
and opportunities when relevant.
SUSTAINABILITY MANAGER
Day-to-day oversight of ESG matters,
including Climate-Related Disclosures.
SUSTAINABILITY WORKING GROUP
Comprising Winton's CFO, COO,
GM Corporate Services, GM Project
D
elivery and senior leaders across the
Winton business.
Led by Winton’s Sustainability Manager.
It shapes, monitors, and coordinates
Winton’s sustainability programme across
the business, involving others in specific
work streams.
CHRIS MEEHAN
Chair and Chief Executive Officer
JULIAN COOK
Executive Director and
Director of Retirement
MICHAELA MEEHAN
Non-executive Director
GLEN TUPUHI
Independent Director
JAMES KEMP
Non-executive Director
STEVEN JOYCE
Independent Director
GUY FERGUSSON
Independent Director
JOSH PHILLIPS
(alternate for James Kemp)
Board of Directors
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DELOITTE ASSURANCE REPORTAPPENDIX
CHRIS MEEHAN
Chair and Chief Executive Officer
SIMON ASH
Chief Operating Officer
JEAN MCMAHON
Chief Financial Officer
JUSTINE HOLLOWS
GM Corporate Services
DUNCAN ELLEY
GM Project Delivery
Management's role
W
inton’s Senior Management
Team is responsible for
executing Winton’s strategy,
managing company performance, and
managing risks, including climate-related
risks and opportunities.
The Sustainability Manager has day-to-
day responsibility for ESG within Winton.
The CFO and/or GM Corporate Services
are kept informed of work streams and
report on ESG, including climate-related
risks and opportunities, as relevant, during
the weekly management meetings.
At the project level, climate change risk
mitigation, climate change adaptation
and transitional impacts are integrated
into day-to-day operations of Winton,
led by Winton’s Chief Operating Officer
and GM Project Delivery. Such integration
includes due diligence of potential
acquisitions, design of masterplans,
rezoning and resource consent
applications, and delivery.
The Sustainability Manager reports
to the Board, as the governance
body, on ESG matters. With the help
of the Sustainability Working Group,
Winton’s Sustainability Manager leads
the identification, assessment, and
management of Winton’s climate-related
risks and opportunities. The Sustainability
Working Group met periodically during
FY25 on climate-related standards, with
a specific focus on T
ransition Planning.
Climate-related Board Discussions FY25
Board meeting dateSustainability discussion item
19 AUGUST 2024 (AFRC)FY24 GHG emission inventory
recommended by the AFRC
for disclosure.
2
2 AUGUST 2024 ESG Sustainability Update and Final
CRD review and approval for disclosure.
28 NOVEMBER 2024ESG Sustainability Update (CRD & GHG).
17 FEBRUARY 2025 (AFRC)GHG Inventory Q2 and YTD FY25 Update.
17 JUNE 2025 (AFRC)GHG Inventory Q3 and YTD FY25 and
Interim Audit
27 JUNE 2025Draft Climate-Related Disclosure
Statement provided and discussed.
21 AUGUST 2025 (AFRC)FY25 GHG emission inventory
recommended by the AFRC
for disclosure.
2
6 AUGUST 2025ESG Sustainability Update and Final CRD
review and approval for disclosure.
Senior Management Team
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DELOITTE ASSURANCE REPORTAPPENDIX
02 Northbrook,
Wānaka
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DELOITTE ASSURANCE REPORTAPPENDIX
Current Business Model
and Strategy
W
inton is a New Zealand-
based residential land
developer that specialises
in developing integrated and fully
masterplanned communities. Winton
undertakes the acquisition of land,
obtaining necessary rezoning and
resource consent approvals, contracting
for civil works including roading and
infrastructure, selling the completed
residential lots and building and selling
vertical developments. Winton’s strong
track record of successful developments
demonstrates its capability to navigate
New Zealand’s regulatory environment
and that it is well-positioned to meet
potential regulatory change.
More recently, Winton has diversified
its operations to leverage its land
development, design and execution
expertise to include two new segments,
retirement and commercial.
Retirement reflects Winton’s luxury later
living brand, Northbrook, which recently
opened stage one of independent living
at Northbrook Wānaka.
Commercial includes Cracker Bay Offices
and Cracker Bay Drystack and Marina at
Wynyard Quarter Auckland and Ayrburn,
a multivenue hospitality and events
precinct near Arrowtown.
Current impacts and
financial impacts
As part of the scenario analysis completed
in FY24, Winton conducted a baseline
assessment to understand the current
physical and transitional impacts of
climate change and transitioning to a
low-carbon and climate resilient economy.
Through the process, it was clear
transition impacts were affecting Winton
more than physical impacts.
Current physical impacts of climate
change and associated financial impact
Winton is a developer of residential
master planned communities and, more
recently, a developer and operator of
commercial and retirement facilities.
Generally, for residential development,
it sells completed products after
completion, so the potential for physical
impacts attributable to climate change
exists on development sites while sites
are being developed, or products are
being built. Winton has experienced
some minor physical impacts on
development sites, possibly related to
climate change, including increased
storminess and winds, coastal erosion,
and extreme weather patterns, which
have caused minor disorder onsite and
incurred minor clean-up costs.
Winton is actively implementing measures
to adapt to the changing climate and
its potential physical impacts. These
include designing for greater resilience
beyond the Local Authority regulations
(e.g., raising floor levels in areas prone to
sea level rise), increasing the number of
weather monitoring stations, enhancing
site preparation for extreme weather
conditions, and conducting thorough due
diligence on potential asset acquisitions.
In FY25, no financial costs were recorded
in relation to the physical impacts of
climate change.
Current transitional impacts of climate
change and associated financial impact
The most significant impact is the
increased regulation, changes to
building code, stricter Local Authority
rules and increased compliance costs
and, therefore, higher construction
costs to meet stricter requirements of
new developments.
Development and building regulations
and requirements have incrementally
increased over time, making it difficult
to accurately quantify the FY25
financial impact.
Winton has been responding by
increasing due diligence, planning, and
design requirements within financial
feasibilities to adapt accurately to higher
costs while retaining desired margins.
Winton has also experienced increased
costs related to corporate compliance,
full value chain emissions measurement
and GHG emission assurance as it
transitions to a low-carbon economy.
The financial impact of this in FY25 was
$70,000. A table including FY25 financial
impact and capital deployed towards
climate-related risks and opportunities is
included on page 21.
Winton has experienced an increase in
insurance costs and amendments to
insurance conditions; some are a result of
extreme weather events.
A positive transitional impact is the
technological and decarbonisation
advancements that enable the vision and
masterplan for the proposed car-less and
solar-powered Sunfield development.
The positive financial impact will occur
in future years should resource consent
be received and as the subsequent
development is completed.
Strategy
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DELOITTE ASSURANCE REPORTAPPENDIX
Scenario analysis
I
n FY24, Winton undertook its first
scenario analysis in accordance with
the XRB Climate-related requirements.
The New Zealand Green Building Council
(NZGBC) published scenarios for the
property and construction sector in
2023 that were developed by Beca
Limited (Beca) in consultation with the
Technical Working group created by
NZGBC in 2022. Winton referred to
NZGBC sector guidance and created an
entity-level scenario narrative to develop
a comprehensive list of climate-related
risks and opportunities over the short,
medium, and long-term.
The scenarios considered by Winton were
an ‘Orderly’ 1.5°C scenario, a ‘Disorderly’
2.0°C scenario and a ‘Hot House’ >3.0°C
scenario. A description of the scenarios is
on page 10.
Physical risks are based on modelling from
the Intergovernmental Panel on Climate
Change (IPPC) Sixth Assessment Report
(AR6), regional climate models developed
for New Zealand, by the National Institute
of Water and Atmospheric Research
(NIWA) and the New Zealand Ministry for
the Environment framework (MfE 2019).
Winton used the physical and transitional
risks and opportunities it identified in
its initial risk assessment and baseline
screening as the basis of the scenario
analysis. It considered each physical
and transitional risk and opportunity
under each of the three scenarios across
the short, medium, and long-term and
assigned them a risk rating of low,
medium, or high. The scenario analysis
starting on page 11 includes all risks and
opportunities that had a medium risk
rating or higher for any scenario and
time period.
In FY25, the assumptions within the three
scenarios didn’t materially change and
the same scenarios were used. The FY24
analysis was reviewed in conjunction
with the work internally completed on
transition planning. Minor adjustments
were made to reflect the evolving
business, which now encompasses
retirement and commercial entities.
For the FY25 disclosure, adaption
and management actions that were
previously included alongside the risks
and opportunities in the scenario analysis
are included as part of the Transition
Planning disclosure.
The potential anticipated financial
impacts of the climate-related risks and
opportunities outlined in the scenarios
analysis have not been quantified and
disclosed in this report as Winton has yet
to determine a plausible and fair way to
do so and is therefore utilising Adoption
Provision 2.
Time horizons
For its risk assessment, Winton considered
time horizons out to 2100.
For the scenario analysis, it adapted the
time horizons to align with the NZGBC
sector scenario guidance as a 2050 view
and better align with entity-level business
planning and investment timeframes.
Scenario analysis time horizons:
SHORT-TERM:
1-5 years
MEDIUM-TERM: 5-10 years
LONG -TERM: 10-25 years
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DELOITTE ASSURANCE REPORTAPPENDIX
Description of scenarios
Orderly 1.5 ScenarioDisorderly 2.0 ScenarioHot House >3.0 Scenario
MEASUREMENT Global warming +1.5°C above
pre-industrial levels
G
lobal warming +2.0°C above pre-
industrial levels
Global warming +3.0°C above pre-
industrial levels
EXTREME RAINFALL 15% increase in extreme rainfall20% increase in extreme rainfall22% increase in extreme rainfall
EXTREME HEAT (>25°C) +15 more extreme heat days+20 more extreme heat days+30 more extreme heat days
SEA LEVEL RISE 0.20 metres0.22 metres0.32 metres
CARBON PRICE $277 NZD per tonne$369 NZD per tonne$35 NZD per tonne
POPULATION INCREASES 26% increase in New Zealand population
7% global population increase
22% increase in New Zealand population
16% global population increase
26% increase in New Zealand population
8% global population increase
POLICY REACTIONImmediate and smoothDelayedNone – current policies
TECHNOLOGY CHANGEFast changeSlow/fast changeSlow change
BEHAVIOUR CHANGEFast changeSlow/fast changeSlow change
PHYSICAL RISK SEVERITYModerateModerateExtreme
TRANSITION RIK SEVERITY ModerateHighLow
SOCIO-POLITICAL INSTABILITYModerateModerateHigh
NARRATIVEAn "Orderly" scenario where the world
succeeds in limiting global temperature
increase to 1.5°C above pre-industrial
temperatures. Global emissions
decline steadily to achieve net zero
CO₂ emissions globally by 2050. New
Zealand climate policies are ambitious
and in line with the rest of the world.
The energy grid shifts rapidly away
from fossil fuel use, with the New
Zealand grid reaching 100% renewable
by 2050. Alternative fuels are used as
a backup, and renewables are utilised
onsite instead of fossil fuels.
The shadow price of carbon increases
dramatically to align with a 1.5°C
trajectory, steadily rising up to $277/
tCO₂e by 2050 (an increase of ~614%
from a 2023 baseline of $35/tCO₂e).
A "disorderly" scenario is where policy,
technology and behaviour changes
remain slow up until 2030. As global
emissions continue to rise during the
2020s, concerns about meeting Paris
Agreement Goals drives a sudden shift
in global policy around 2030. Abrupt
and stringent decarbonisation policies
are enacted in the 2030s, succeeding
in limiting global warming to below 2°C
above pre-industrial levels by 2100.
New Zealand follows suit with the rest
of the world, leading to abrupt policy
and market changes for the property
and construction sector post-2030.
There is no initial increase in carbon
price up to 2030, at which point price
rapidly increases to reach $369/tCO₂e
by 2050.
During the 2020s there is a slow
increase in demand for electricity,
followed by a surge in demand in
the 2030s as New Zealand rushes to
electrify our transport networks. The
electricity sector is unprepared for the
sudden shift in demand at 2030, which
causes a delay in adequate expansion
of the grid during the 2030s and leads
to supply constraints.
These constraints result in more
frequent blackouts and fluctuations in
electricity prices.
A "Hot House" scenario is where global
emissions continue to grow. Global
average temperature rises to greater
than 3°C above pre-industrial levels
by 2100.
New Zealand’s climate change policy
remains in keeping with the rest of
the worlds. No further policies are
introduced to curb emissions, with
the building and construction sector
following suit. Regulatory changes
are slow and focus on adaptation and
managing climate driven immigration/
refugees. The price of carbon remains
at $35/tCO₂e to 2050. Mandates
are introduced to conserve energy
for critical functions, as asset and
infrastructure damages due to climate
change are realised.
New Zealand’s electricity grid is
gradually decarbonised further in
line with current policies. Emission
grid factors remain at 0.06 kgCO₂e/
kWh by 2050 which means industries
wishing to achieve net zero carbon
emissions must invest in their own zero
carbon generation.
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DELOITTE ASSURANCE REPORTAPPENDIX
PR
PHYSICAL RISK
TR
TRANSITIONAL RISK
PO
PHYSICAL OPPORTUNITY
TO
TRANSITIONAL OPPORTUNITY
LOW SHORT-TERM: 1-5 years
MEDIUM MEDIUM-TERM: 5-10 years
HIGH LONG-TERM: 10-25 years*
KEY:
Scenario analysis
PHYSICAL RISKS
INCREASED STORMINESS AND EXTREME WINDS
RIVER AND PLUVIAL FLOODING: CHANGES IN FREQUENCY AND MAGNITUDE IN RURAL AND URBAN AREAS
Time
Horizon
Orderly
1.5
Disorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• Supply chain disruption could impact construction and commercial and retirement operations,
leading to delays or loss of revenue.
• Disruption to power supply could cause loss of revenue at commercial facilities and increase costs
at retirement locations to ensure continuity of care.
• In the medium and longer term, such weather events in the Hot House scenario could potentially
cause more disturbance on site, which could lead to higher insurance costs and environmental
and/or biodiversity issues. They could also impact the retirement and commercial operations
and the people that live or visit them; therefore costs could increase to adapt to those impacts.
COASTAL AND ESTUARINE FLOODING: INCREASING PERSISTENCE, FREQUENCY AND MAGNITUDE
Time
Horizon
Orderly
1.5
Disorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• Winton has already observed some impact on coastal areas where coastal inundation and
overland flow have occurred.
•
T
he risk level is unlikely to change due to design controls, as they react to Local Authority
regulations and will pick this up anyway.
•
I
n all scenarios, there is potentially an increasing perception that coastal properties are risky to
own or that insurance costs are higher.
•
In a Hot House scenario, the longer-term risk of coastal and estuarine flooding is increased.
INCREASING COASTAL EROSION: CLIFFS AND BEACHES, INCREASED LANDSLIDE AND SOIL EROSION
Time
Horizon
Orderly
1.5
Disorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• Supply chain disruption could impact construction and commercial and retirement operations,
leading to delays or loss of revenue.
•
I
n all scenarios, there is potentially an increasing perception that coastal properties are risky to
own or that insurance costs are higher.
SEA-LEVEL RISE
Time
Horizon
Orderly
1.5
Disorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• There have been no physical impacts to date, as the standards for new builds and developments
have already changed to mitigate future sea-level rise. In all three scenarios, potential buyers
may perceive owning coastal property as too risky without understanding the already integrated
requirements for new developments to enhance coastal resiliency.
•
O
ngoing cost implications from incremental changes to regulatory and local council
requirements for resource consent.
*This differs from Winton's risk time horizons as the sector guidance scenarios are based on 2050.
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PHYSICAL RISKS CONT'D
CHANGE IN WEATHER PATTERNS: CHANGE IN MEAN ANNUAL RAINFALL
MORE AND LONGER DRY SPELLS AND DROUGHT
Time
Horizon
Orderly
1.5
Disorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• An increase of wet weather contractual provisions and increased delays to onsite activities due
to higher rainfall in some locations in a medium-to-long-term Hot House scenario.
• More and longer dry spells and drought in some locations could lengthen the development
season, which could be a positive but also contribute to dust issues onsite.
• Comprehensive landscaping and planting throughout its communities is a key differentiator of
Winton developments, and increased dry spells could mean additional cost to ensure there is
sufficient water for flora and fauna to continue to thrive.
•
A
dditional operational costs of retirement and commercial business units to enable sufficient
cooling during dry spells.
PHYSICAL OPPORTUNITIES
INTERNATIONAL INFLUENCES FROM CLIMATE CHANGE – IMMIGRATION TO NEW ZEALAND
Time
Horizon
Orderly
1.5
D
isorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• I n the Hot House scenario, net migration significantly increases as New Zealand is expected to
experience the impacts of climate change not as severely as most places around the world, and
as a result, the demand for homes in New Zealand increases, and therefore demand for Winton
homes, hospitality, and retirement offerings.
TRANSITIONAL RISKS
INSURANCE RISK
Time
Horizon
Orderly
1.5
D
isorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• I nsurance costs across all three scenarios will potentially increase over the time horizons as more
climate-related claims are made, but most significantly in the Hot House scenario long-term.
Additionally, the availability of insurance may be limited for certain areas or asset types.
REGULATORY AND LEGAL
Time
Horizon
Orderly
1.5
D
isorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• Changes to the building code, whether within the orderly or disorderly scenario, will have
the same potential impact of increased construction costs but over different time periods.
•
A
brupt changes to regulations or policies in orderly and disorderly scenarios may require
Winton to alter existing assets, increasing capital costs.
•
I
n the Hot House scenario, there could be an increased likelihood of litigation.
PR
PHYSICAL RISK
TR
TRANSITIONAL RISK
PO
PHYSICAL OPPORTUNITY
TO
TRANSITIONAL OPPORTUNITY
Scenario analysis
*This differs from Winton's risk time horizons as the sector guidance scenarios are based on 2050.
LOW SHORT-TERM: 1-5 years
MEDIUM MEDIUM-TERM: 5-10 years
HIGH LONG-TERM: 10-25 years*
KEY:
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TRANSITIONAL RISKS CONT'D
ELECTRICITY SUPPLY RISK
Time
Horizon
Orderly
1.5
D
isorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• I n the medium to long-term in the Disorderly and Hot House scenarios, the reliability of electricity
supply could diminish, and the costs could increase. Unreliable supply could impact revenue
at Ayrburn and continuity of care at Northbrook. Increased electricity costs would increase
operating expenses for all Winton business units.
TRANSITIONAL OPPORTUNITY
PRODUCTS AND SERVICES
Time
Horizon
Orderly
1.5
Disorderly
2.0
Hot House
>3.0
Potential Future Impacts
SHORT
MEDIUM
LONG
• Changes to the building code, whether within the orderly or disorderly scenario, will have
the same potential impact of increased construction costs but over different time periods.
• Abrupt changes to regulations or policies in orderly and disorderly scenarios may require
Winton to alter existing assets, increasing capital costs.
•
I
n the Hot House scenario, there could be an increased likelihood of litigation.
PR
PHYSICAL RISK
TR
TRANSITIONAL RISK
PO
PHYSICAL OPPORTUNITY
TO
TRANSITIONAL OPPORTUNITY
Scenario analysis
*This differs from Winton's risk time horizons as the sector guidance scenarios are based on 2050.
LOW SHORT-TERM: 1-5 years
MEDIUM MEDIUM-TERM: 5-10 years
HIGH LONG-TERM: 10-25 years*
KEY:
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DELOITTE ASSURANCE REPORTAPPENDIX
H
ow does Winton continue to
survive and thrive while reducing
our greenhouse gas emissions
and building resilience to climate
change? Climate change is like other
business risks that Winton must adapt
to; the unknown is the timeframes and
severity. Therefore, in FY25 we used
the scenario analysis and baseline
assessment with a financial lens to
create internal documentation that
reflects how Winton is already building
resilience, potential further adaption and
mitigation, decarbonisation, potential
impacts to capex and opex, monitoring
of risks and opportunities, triggers to
adapt business processes, operations or
strategy and any potential actions for
the short, medium and long-term.
As outlined below, Winton is already
adapting to climate change and
mitigating future risks to create resiliency
of its properties and business. Internal
capital deployment and funding
decision-making processes align with
the transition plan aspects of its strategy,
supporting critical investments in
delivery against the company's strategy.
Building Resilience and
Adapting to Transition
Physical
Adapting to the physical impacts of
climate change and mitigating the impact
of chronic and acute physical risks is
embedded in Winton’s business model.
From a financial perspective, the physical
risks Winton considers a priority are:
-
Increased storminess and extreme winds.
- Co
astal and estuarine flooding:
increasing persistence, frequency and
magnitude.
-
I
ncreasing landslide and soil erosion.
-
S
ea-level rise.
- Change in weather patterns: change
in mean annual rainfall and more and
longer dry spells.
These physical risks could impact opex,
capex, or both, and could cause loss of
revenue or increased costs from aspects
like supply chain disruption, onsite
preparation for weather events, water
scarcity, disruption to development
timeline, raising land levels for mitigation
of sea-level rise, and changing tourist
patterns. They could also impact the
health and well-being of residents,
tourists, and staff.
Adaption and management actions
Winton is already designing for greater
resilience and is building for higher-
than-expected sea level rises in the
long term, making Winton communities
more resilient. Winton's existing design
and build standards have already been
adapted in response to Local Authority
regulations. Through due diligence of
potential asset acquisitions, the design
of future developments, and the high-
quality execution, Winton mitigates
the physical risks that could impact
the resilience of the development and
passes on any additional cost to build to
stricter requirements.
The project teams are increasing their
onsite activities to mitigate risks, including,
by way of example, utilising data from
weather monitoring stations and aquatic
health and water quality monitoring at
specific sites, to ensure teams have the
most up-to-date information.
Where possible, Winton utilises local
contractors for each project, which
mitigates the risk of contractors being
unable to access the development due to
regional road impacts from storm events
or landslides.
Winton has demonstrated, and continues
to demonstrate, that it builds high-quality
projects founded on design, including
the design of the masterplan, built form,
and shared spaces. Therefore, Winton
communities have performed well and
validated their resiliency in more recent
extreme weather events, demonstrating
the value in the way Winton develops
neighbourhoods, irrespective of whether
they are coastal or inland.
Chronic physical risks, such as changes
in weather patterns, won’t happen
overnight. Therefore, Winton will monitor
and make gradual adjustments to
development plans onsite, adapting to
changing tourist volumes, whether they
increase, decrease, or shift in timing, as
trends trigger these changes.
Winton properties, whether residential,
commercial, or retirement, feature an
abundance of planting and landscaping,
which supports the health and well-being
of people and animals in the long term
during potential prolonged and dry spells.
In the longer term, adapting to a lower
water supply and increased need for
cooling during some dry spells would
need to be incorporated into the
development and maintenance plan,
as well as commercial operation plans.
The potential increased cost would
need to be reflected in weekly fees at
Northbrook and prices at Ayrburn.
There is a site-specific flood plan at
Ayrburn that may need to extend to wider
business continuity in the medium term.
As Northbrook Wānaka is now
operational, continuity of care for
residents and the health and safety of
all people onsite in the event of extreme
events is considered part of the health and
safety plan. The health and safety plan will
need to evolve as additional stages are
completed and more residents move in.
Monitoring of the physical risks and
opportunities includes monitoring
regulatory changes, flow rates, frequency
of supply chain disruption, changes to
flood mapping, frequency and impact of
events, insurance forecasts, NIWA data,
water use where possible, fire risk in
locations of Winton properties, and net
migration and visitor numbers.
Continuing to thrive – Winton’s
approach to transition planning
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DELOITTE ASSURANCE REPORTAPPENDIX
Transitional
C
ontinued access to insurance
minimises the financial impact
and significance of future
potential events or disruption; however,
it is expected that across all potential
future climate scenarios, insurance
costs will likely increase, and more so if
global temperatures continue to rise, and
access to insurance will change.
Regulatory changes are already occurring
at both the central and local government
levels, and Winton has been adapting to
them. However, further risk is apparent in
the form of abrupt changes to regulations
and requirements that could disrupt
projects already underway.
Electricity supply risk is particularly
relevant for commercial businesses
and retirement. There is a risk to
electricity reliability due to increased
demand, constrained supply, and
supply disruptions from weather events,
resulting in subsequent increases in
electricity costs.
Adaption and management actions
Winton works with a specialist property
insurance provider and has done so long-
term. An annual review of its insurance
program is completed to ensure it is fit for
purpose. The potential impacts of climate
change will become a more significant
part of that process over time, should
global temperatures continue to rise.
Winton controls onsite insurance to
ensure the continuity of its prescribed
insurance across every project.
Due diligence for potential asset
acquisitions needs to consider possible
changes to insurance premiums and
insurance availability and ensure
premiums meet the affordability profile
of the end-buyer target market for each
specific development.
Winton will monitor insurance sector
developments, including how climate
impacts the insurance market, premium
trends, non-insurable locations, access to
cover for specific risks and assets.
Winton is already adapting to changing
regulations and requirements, as these
have been incrementally evolving over
several years. Winton often opts to design
and build beyond current regulations and
requirements to mitigate future abrupt
regulatory risks.
Increased regulation and construction
costs are considered during due diligence
and incorporated into the sales price,
mitigating financial risk. If transition costs
continue to rise, along with costs to build
for resiliency and decarbonisation, and
the costs can’t all be passed on to the end
purchaser, Winton will adapt to focus on
the products it can deliver and continue to
make its required margin.
In the medium to long term, the reliability
and cost of grid electricity could become
a challenge for the continuity of care and
operational costs. Therefore, Winton could
consider conducting feasibility studies
for solar generation at new properties
that they will continue to operate, aiming
to gain the reliability of electricity and
reduce electricity costs.
Decarbonisation
Winton is measuring its GHG emissions
for all of its operational businesses,
including scope 3 for purchased goods
and services. However, the majority of
Winton’s emissions are scope 3 and are
based on spend data. Therefore, it isn’t
appropriate to set carbon reduction
targets based on emissions calculated
by spend-based emission factors.
Accordingly, Winton has set short-term
targets where it has control and can
get accurate data.
The best way for Winton to support
decarbonisation is to enable residents
to avoid emissions in the first place and
to build high-quality homes with a
long lifespan, thereby avoiding early
replacement and unnecessary waste
from demolition.
Winton has created a vision and
proposal for Sunfield, a car-less
neighbourhood, powered by the sun,
where residents can live, work and play
within the 200-hectare community.
Should the integrated community
receive resource consent, it will unlock
a lifestyle with significantly fewer
emissions compared to a traditional
development.
Winton will reduce embodied
emissions as design and materials
allow, introducing logical and feasible
changes without jeopardising the
feasibility of the project. However,
it will wait until the reliability of the
design, alternative materials, and
technologies is proven to lower
emissions, without deterioration in
quality or performance.
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETS
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DELOITTE ASSURANCE REPORTAPPENDIX
03 Flower Garden,
Ayrburn
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETS
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DELOITTE ASSURANCE REPORTAPPENDIX
Processes for identifying,
assessing, and managing
climate risks
I
n FY24, Winton completed an initial
risk assessment on physical and
transitional climate-related risks. It
consisted of three stages: an initial risk
screening of a master list comprising over
30 risks and opportunities, a baseline risk
assessment representing 1.1°C of global
warming, and a scenario analysis of three
potential scenarios. In FY25, this process
was reviewed and remains unchanged,
except for the additional transitional risk
of electricity supply.
The Sustainability Working Group
was engaged to provide appropriate
resources and support Winton’s
Sustainability Manager in identifying and
assessing its climate-related risks in FY24
and again in FY25.
The baseline risk assessment rated each
risk and opportunity using Winton’s risk
assessment framework, which considers
the severity and likelihood of the risk
occurring. It also captured observational
data to support each risk ranking. This
formed the basis of the scenario analysis,
a critical tool for considering the potential
impact of risks and opportunities under
different scenarios.
Outside the formal climate-risk
assessment process, the COO, GM
Project Delivery, and Head of Land
Development consider climate-related
risks and opportunities as part of
standard business activity. They rely on
specialised experts to provide critical
advice on potential climate hazards
during due diligence of potential
acquisitions and throughout the design
phase of each new development.
Time horizons
The following time horizons were deemed
suitable for the risk assessment process.
SHORT-TERM: 1-5 years
MEDIUM-TERM: 5-10 years
LONG -TERM: 10-100 years
Value chain exclusions
The processes for identifying, assessing,
and managing climate-related risks were
based on the current business model
and strategy.
The scope of the risk assessment
includes all Winton offices, construction
sites, owned developments, and supply
chains. The assessment covers the
twelve months ending 30 June 2025
(FY25). No parts of the value chain were
knowingly excluded.
Frequency of risk assessment
This was the second climate-related
company-wide risk assessment
undertaken by Winton. The process will
be repeated annually.
An annual review of climate-related risks
builds resilience into Winton’s response
to climate change. However, climate risk
assessment is a key part of Winton’s day-
to-day business and is considered and
mitigated as such.
Processes for prioritising
climate-related risks relative
to other types of risks
For the risk assessment and baseline
screening, Winton utilised its existing
risk assessment framework to
determine risk ratings, enabling Winton
to compare climate-related risks with
other types of risks.
This approach facilitates the inclusion
of climate-related risks into its existing
risk management and governance
frameworks, which in turn supports the
climate-related risk disclosures required
by the XRB.
Integration into overall risk
management process
The Board has a risk management
framework that includes a list of material
business risks Winton faces. The
framework is reviewed and updated as
risks to the business evolve and change.
The Board has set its risk tolerance
appetite in pursuit of its strategy and how
it will manage it.
The nature of the risk treatment varies
according to the nature and severity of
the risk. If the risks are material, they will
be reported to the Board.
Simultaneously, where such risks warrant
a disclosure to the market, Winton will
apply relevant facts in accordance with
the Continuous Disclosure Policy.
The Audit and Financial Risk Committee
at Winton reviews and recommends to
the Board whether Winton’s processes
for managing financial risk are sufficient,
as well as any incidents of fraud or other
failures of internal controls. Non-financial
risks and the appropriateness of Winton’s
insurance programme are reviewed and
determined at the Board level.
The CEO and other members of the
senior management team review, update,
and take ownership of the day-to-day
management and operation of Winton’s
risk management framework and
associated policies.
Climate Change Risk is one of 12 principal
business risks across Winton’s business,
found on page 76 of the Annual Report.
The climate-related disclosures within
this report fall under this business risk
and include more detailed information
abou
t the specific physical and transitional
risks and opportunities attributable to
climate change.
Risk
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETS
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DELOITTE ASSURANCE REPORTAPPENDIX
METRICS
Greenhouse Gas (GHG)
Emissions
I
n compliance with New Zealand's
Climate Standards, the greenhouse
gas emissions disclosed in the Group
Climate-related Disclosures have been
subject to an independent assurance
engagement by Deloitte Limited in
accordance with NZ SAE 1: Assurance
Engagements over Greenhouse Gas
Disclosures ('NZ SAE 1'). Refer to the
assurance report on pages 26 to 30.
A separate GHG Emissions Inventory
Report has been prepared in accordance
with the requirements of International
Standard ISO 14064-1 Greenhouse gases
– Part 1: Specification with guidance at the
organisation level for quantification and
reporting of greenhouse gas emissions
and removals and the Greenhouse Gas
Protocol: A Corporate Accounting and
Reporting Standard (Revised Edition).
This has been subject to a separate
a
ssurance engagement by Deloitte
Limited in accordance with International
Standard on Assurance Engagements
(New Zealand) 3410: Assurance
Engagements on Greenhouse Gas
Statements ('ISAE (NZ) 3410'). Refer to
GHG Emissions Inventory Report and
related assurance opinion, located on
the Winton website: investors.winton.nz/
investor-centre.
Winton is using Greenhouse Gas Protocol:
A Corporate Accounting and Reporting
Standard (Revised Edition) ('the GHG
Protocol') and ISO 14064:1-2018 standard
to measure its GHG emissions.
Winton is using the operational
consolidation approach.
Calculation methodology
A calculation methodology has been used
for quantifying the emissions inventory
based on the following calculation
approach, unless otherwise stated:
Emissions = activity data x emissions factor
All emissions were calculated using Toitū
eManage with emissions factors. Global
Warming Potentials (GWP) from the IPCC
sixth assessment report (AR6) have been
used for GWP conversion.
Sources of emission factors
Winton uses Toitū eManage to calculate
its emissions. Activity data is entered
into the Toitū eManage software where
emissions are calculated using emission
factors within the online tool and recorded
in Winton’s inventory.
The source of emission factors for
Winton’s FY25 GHG Emission Inventory
are listed below. Winton’s emissions have
been updated with the latest changes
to Ministry for the Environment (MFE)
emission factors published in May 2025.
The GHG quantification is subject
to inherent uncertainty because of
incomplete scientific knowledge used
to determine emissions factors and the
values needed to combine emissions of
different gases.
Refer to Appendix One for emission
sources and uncertainties.
Metrics & Targets
FY25 Sources of Emission Factors
Australian Government Climate Active Program. Public Disclosure Summary for Paper Australia Pty Ltd (Australian Paper).
Greenhouse gas emission factors for recycling of source-segregated waste materials. Resources, Conservation and Recycling.
2015, Pages 186-197. (Turner et al. (2015)
Market Economics Limited (2023). Consumption Emissions Modelling, report prepared for Auckland Council.
New Zealand Ministry for the Environment. MFE Guidance for Voluntary Greenhouse Gas Reporting. Wellington, New Zealand. (MFE (2025))
UK Department for Business, Energy and Industrial Strategy. Government greenhouse gas conversion factors for company
reporting. London, United Kingdom. (DESNZ (2024))
Waste and water supply's utilised a bespoke emissions factors developed by SimaPro based on research.
Toitū Environcare, internally derived using MFE and MBIE databases.
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETS
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DELOITTE ASSURANCE REPORTAPPENDIX
Exclusions
Winton has not excluded any facilities,
operations, or assets from the FY25
inventory.
Winton determined that any category
4 spend-based emission source that
was less than 1% of Winton’s total GHG
emissions inventory and not closely linked
to its material sources would be treated
as de minimis and, therefore, excluded
f
rom the inventory. This was specific
to spend-based activity, and Winton
continues to include Scope 3 sources
that have been calculated using relevant
activity data (other than spend-based)
and less than 1% of total emissions.
Winton has not assessed emissions
classified category 5: Indirect emissions
associated with the use of products
from the organisation (tCO₂e) and
isn’t aware of any emissions classified
category 6: Indirect emissions from
other sources (tCO₂e).
Significant criteria used
Winton has moved to full value chain
emissions measurement and, therefore,
is calculating emissions from all of its
business activities, either using activity
data or spend-based emission factors for
Scope 3 purchased goods and services
and reconciling back to financials.
It has created a methodology to
determine de minimus sources and
determined that spend-based sources
that are less than 1% can be considered
for de minimus exclusion unless they are
closely linked to Winton’s most significant
emission sources.
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DELOITTE ASSURANCE REPORTAPPENDIX
Winton’s FY25 GHG Inventory Summary
W
inton’s GHG emissions are measured in tonnes of
carbon dioxide equivalent (tCO₂e). The total FY25
emissions were 20,735.86 tCO₂e, a 16% decrease
from FY24’s total of 24,807.77 tCO₂e.
Scope 1 emissions (category 1 direct
emissions) increased 88%
to 337.01 tCO₂e,
attributable to an increase in emissions from
stationary combustion at Ayrburn. Scope 2 emissions (category
2 indirect emissions from imported energy) increased 148%
to 144.93 tCO₂e due to increased electricity consumption at
Ayrburn and higher emission factors for NZ electricity for 2025.
Ayrburn traded the full 12 months in FY25 and added additional
venues, compared to 7 months in FY24 with fewer venues,
increasing Scope 1 and Scope 2 emissions.
Scope 3 emissions decreased 18% to 20,253.91 tCO₂e,
representing 97.7% of Winton’s GHG emissions for FY25,
reflecting a decrease in category 3 emissions by 25% and
category 4 emissions by 18%. The category 3 reduction is
from higher business travel in FY24 and lower emissions from
employee commute in FY25, relating to lower FTE headcount
in Auckland. The category 4 reduction reflects an improvement
in data accuracy by reducing Winton’s reliance on spend-based
factors by 14.47% and lower construction activity in FY25
compared to FY24. During FY25, Winton calculated emissions
from on-site contractors’ fuel and waste using data from the
contractors. As a result, this reduced emissions from purchased
goods and services and increased emissions from purchased fuel
and energy-related activities to 1,281.27 tCO₂e, and emissions
from waste and recycling increased to 575.46 tCO₂e.
While total emissions decreased 16% compared to FY24, the
decrease is primarily due to improvements in data accuracy
and reduced construction activity. Carbon intensity decreased
from 142.9 tCO₂e for every $1 million revenue in FY24 to 133.4
tCO₂e for every $1 million revenue in FY25. While this shows
a decrease in intensity, the reduction relates to improvements
in data accuracy and lower spend during FY25. We expect
improvements in data accuracy to continue to reduce emissions,
but emissions relating to business activity are expected to
fluctuate over time, depending on construction activity.
Refer to the GHG Emissions Inventory Report FY25 for detailed
information available on the Winton website: investors.winton.nz.
GHG
Protocol
Category
(ISO 14064-1:2018)
FY25
TCO₂e
FY24
TCO₂e
(base year)
FY23
TCO₂e
FY22
TCO₂e
Scope 1Category 1: Direct emissions 337.01 179.08 76.73
72.18
Scope 2
Category 2: Indirect emissions from imported energy
(location-based method*)
144.93 58.54 18.02 11.16
Scope 3
Category 3: Indirect emissions from transportation 139.69 187.11 166.20 95.11
Category 4: Indirect emissions from products used by organisation20,114.23 24,383.04 116.22 6.45
Total direct emissions337.01 179.08 76.73 72.18
Total indirect emissions*20,398.85 24,628.69 300.44 112.72
Total gross emissions*20,735.86 24,807.77 377.17 184.90
Total net emissions20,735.86 24,807.77 377.17 184.90
GHG intensity – Revenue $M/tCO₂e**
133.4142.9n/an/a
*Emissions are reported using a location-based methodology.
**This is not assured by Deloitte Limited.
Winton does not have any emissions data for direct CO₂ emissions from biologically sequestered carbon. Carbon intensity has not been included for FY23 and FY22 as Total net
emissions for these two years didn't include material Scope 3 emissions and therefore not comparable to FY24 and FY25.
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DELOITTE ASSURANCE REPORTAPPENDIX
Percentage of assets
vulnerable to transition risks
1
00% of Winton's directly owned assets
are vulnerable to the transitional risks
identified in its risk assessment to
varying degrees depending on the time
horizon and scenario.
Percentage of assets
vulnerable to physical risks
The percentage of assets or business
activity with potential vulnerability to
the physical risks of climate change for
Winton is 7.3% as of 30 June 2025, which
represents the percentage of coastal
assets in the total portfolio area.
Percentage of assets
aligned with climate-related
opportunities
100% of Winton's directly owned assets
are aligned with the climate-related
opportunities identified in its risk and
opportunity assessment.
Internal emissions price
Winton did not use an internal emissions
price in the reporting period.
Management remuneration
Winton’s management is responsible
for the day-to-day identification,
assessment, and management of
risks, including climate-related risks.
The Nomination and Remuneration
Committee reviews and recommends
to the Board for approval the senior
management remuneration as
prescribed in the Nomination and
Remuneration Committee Charter.
Capital deployment toward
climate-related risks and
opportunities
Winton’s capital deployment toward
climate-related risks and opportunities
includes project specific climate
adaption and mitigation initiatives.
Project specific costs towards climate
adaption and mitigation includes
planting, wetland construction and
maintenance, homestar costs and water
quality monitoring and initiatives.
Capital deployment towards climate-
related opportunities includes
investment towards the progression of
Winton’s sustainable community.
FY25 Financial Impact – Operating Expenditure & Capital Deployment
All values in $FY25 Spend FY24 Spend
GHG Emissions measurement and assurance 50,000 45,000
Climate-Related Disclosures Process 20,000 15,000
Project specific costs towards climate adaption
& mitigation
4
,608,367 47,000
Capital deployment towards climate-related
opportunities*
3,907,167 n/a
Total8,635,534107,000
*Does not include land acquisition costs.
FY25 is the first year project specific costs and capital deployment towards climate related risks and opportunities
has been disclosed.
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DELOITTE ASSURANCE REPORTAPPENDIX
TargetsTime horizonBase yearTarget yearProgress
Introduce a Supplier Code of Conduct for Suppliers
that represent the top 90% of onsite contractor costs.
ShortFY24FY25Not Complete
100% of onsite contractors report monthly waste
collected onsite.
ShortFY24FY25Complete
Divert 40% of onsite construction waste from landfill.ShortFY25FY28In Progress
Implement Design Guidelines for all projects.ShortFY24FY25Not Complete
Reduce reliance on spend-based emission factors by at
least 15% per year until below 30% of total emissions.
ShortFY24 OngoingAchieved FY25
Implement an operational waste avoidance plan for
Northbrook prior to the start of becoming operational.
ShortFY24FY26Not Complete
Time horizons align with time horizons used for the scenario analysis to better align with business operations.
TARGETS
W
inton 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 have been set to contribute to
limiting global warming to 1.5°C, they
do so by: improving data accuracy of
emission inventory, reducing emissions
from waste, increasing engagement with
suppliers to create financially feasible
solutions to lower embodied emissions
and start to set the pathway to avoid
emissions where Winton is creating new
operational assets like Northbrook.
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DELOITTE ASSURANCE REPORTAPPENDIX
Appendix One – Emission sources and uncertainties
GHG emissions
category
GHG emissions
source or sink
subcategory
Overview of activity
data and evidence
Explanation of uncertainties or assumptions around
Winton data and evidence
Use of default
and average emission factors
Category 1:
Direct
emissions and
removals
Stationary
combustion
LPG stationary
commercial
• LPG Data was sourced from the supplier
whom also confirmed the total L usage.
Firewood• All data was sourced from supplier records,
a calculation was performed on the average
weight of green cut wood against the cubic
metres ordered to arrive at the total tonne.
Mobile combustion
(incl. company-
owned or leased
vehicles)
Diesel, Petrol
premium, Petrol
regular
•
Where applicable all source data is derived from
supplier records – assumptions were derived for
the below as noted:
•
P
etrol – where no detail was available on the
petrol type, petrol unleaded was assumed as the
petrol source. If no details on litres on both diesel
and petrol were supplied average cost per litre
calculation was used.
Category 2:
Indirect
emissions
from imported
energy
Imported
electricity
Electricity• All electricity source data was derived from
supplier records.
•
Each ICP number has a diff
erent billing cycle
and therefore do not all cut off exactly at
the end of a financial period – due to this,
a calculation to prorate the total kwH not
relevant to FY25 has been used and that data
removed from any FY25 reported data.
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APPENDIX
Appendix One – Emission sources and uncertainties cont'd
GHG emissions
category
GHG emissions
source or sink
subcategory
Overview of activity
data and evidence
Explanation of uncertainties or assumptions around
Winton data and evidence
Use of default
and average emission factors
Category 3:
Indirect
emissions from
transportation
Business travel –
Transport
(non-company
owned vehicles)
Flights, mileage,
taxis and rental
vehicles
• Flight data is extracted from the Air New
Zealand report and portal. If it wasn’t an Air NZ
flight, activity data was calculated based on
the Toitū Flight Calculator.
• Diesel + petrol – Corporate Cabs/taxi regular
data was derived from detailed supplier records.
Assumptions were derived if the petrol type
was unknown, default was selected as Petrol
Unleaded for a conservative approach. Taxi
distance in cases where this was unknown was
based on an average price calculated per km.
• Ubers – as a conservative approach, the emission
factor for taxi-regular petrol has been used.
Business travel
– Accommodation
Accommodation
– Australia,
Accommodation
– New Zealand
• All accommodation data is derived from GL
Records within Winton’s finance system, with
invoice evidence.
Employee
commuting
Car, bus, electric
scooter, ferry, taxi,
electric bike
• The commuter survey is sent quarterly, and the
response rate is nearly 100%. If an employee
cannot complete it within the required time,
the data for the previous quarter was rolled
forward. If an employee left partway through
a quarter, their data was not recorded – only
employees employed at the time the survey was
circulated are included.
• With the opening of our Ayrburn Hospitality
Precinct, only the full-time employees with
individual email addresses are captured in the
commuter survey.
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APPENDIX
Appendix One – Emission sources and uncertainties cont'd
GHG emissions
category
GHG emissions
source or sink
subcategory
Overview of
activity data and
evidence
Explanation of uncertainties or assumptions around
Winton data and evidence
Use of default
and average emission factors
Category 4:
Indirect
emissions from
products
used by
organisation
Purchased goods
and services
Paper, Spend-
based purchased
goods and
services, water
supply (int.
default)
• Paper use is assumed based on print numbers
across all photocopiers and printers within
the Group. Fuji Xerox supply quarterly reports
confirming these numbers.
• Spend-based emission factors use the cost of the
activity (excl GST $) as the activity data. These
were used for the majority of Winton’s purchased
goods and services. The Market Economics
Limited (2023) Consumption Emissions Modelling
report prepared for Auckland Council was the
main source for these spend-based factors as
they had the best geographic suitability.
There is uncertainty around accuracy when
using spend-based emission factors, however,
this was mitigated by understanding the
underlying supplier and paying particular
attention to the material sources.
• Spend-based emissions have been adjusted for
inflation where the emission factor source
doesn’t match the inventory period.
D
ata was obtained from
Winton’s largest food
supplier and applied to
Market Economics Limited
(2023) emission factors,
where possible, to improve
the accuracy of emissions
from Ayrburn’s purchased
food and beverages and
therefore reduce the
reliance on the blended
average emission factors
used in FY24. The blended
average emission factor
used for the remaining food
and beverage spend was
also improved and is still
entered as a pre-calculated
amount (tCO₂e).
Disposal of
solid waste –
Landfilled
Waste to Landfill
Mixed waste (int.
default)
• The Waste-Landfill mixed waste default option
was selected for all Waste that was unable to
be confirmed as solely green and/or paper
waste. Source data was used to calculate the
total Tonne, and assumptions then based off this
data were used to calculate the few items where
no receipt detail was provided. A conservative
approach used that can be improved.
Disposal of solid
waste – Not
landfilled
Composting,
Waste disposal
recycling of
Paper
• Disposal of solid waste – not landfilled is
measured by waste suppliers and reported
monthly to Winton.
Transmission
of energy (T&D
losses)
Electricity
distributed T&D
losses
• Refer electricity.
Recycling
process
Recycling – Card,
Recycling –
Commingled,
Recycling –
Mixed glass
• Source data was used to calculate the total number
of bins collected for each waste type. In some cases,
the exact tonnage was supplied and assumptions
on total weight were then based on the weight of
a full bin (obtained by the source suppliers).
CO₂
• All data was sourced from supplier reports
provided quarterly that detail the total cyclinders
and quantity consumed.
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APPENDIX
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ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶ
/ŶŽƵƌŽƉŝŶŝŽŶ͕ƚŚĞŐƌŽƐƐ','ĞŵŝƐƐŝŽŶƐ͕ĂĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞĚĚŝƐĐůŽƐƵƌĞƐŽĨŐƌŽƐƐ','ĞŵŝƐƐŝŽŶƐ͕ĂŶĚŐƌŽƐƐ','ĞŵŝƐƐŝŽŶƐ
methods, assumptions and estimation uncertainty (‘^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐ’) within the scope of our reasonable assurance
ĞŶŐĂŐĞŵĞŶƚ;ĂƐŽƵƚůŝŶĞĚďĞůŽǁͿ͕ŝŶĐůƵĚĞĚŝŶƚŚĞůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐŽĨtŝŶƚŽŶ>ĂŶĚ>ŝŵŝƚĞĚ(the ‘ŽŵƉĂŶLJ’) and its
subsidiaries (the ‘'ƌŽƵƉ’) for the year ended 30 June 202ρ͕ĂƌĞĨĂŝƌůLJƉƌĞƐĞŶƚĞĚĂŶĚƉƌĞƉĂƌĞĚ͕ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚŽƚĞĂƌŽĂEĞǁĞĂůĂŶĚůŝŵĂƚĞ^ƚĂŶĚĂƌĚƐ(‘E^Ɛ’) issued by the External Reporting Board (‘yZ’).
>ŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶ
ĂƐĞĚŽŶƚŚĞƉƌŽĐĞĚƵƌĞƐǁĞŚĂǀĞƉĞƌĨŽƌŵĞĚĂŶĚƚŚĞĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚ͕ŶŽƚŚŝŶŐŚĂƐĐŽŵĞƚŽŽƵƌĂƚƚĞŶƚŝŽŶƚŚĂƚ
ĐĂƵƐĞƐƵƐƚŽďĞůŝĞǀĞƚŚĂƚƚŚĞ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐǁŝƚŚŝŶƚŚĞƐĐŽƉĞŽĨŽƵƌůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚ;ĂƐŽƵƚůŝŶĞĚ
ďĞůŽǁͿ͕ŝŶĐůƵĚĞĚŝŶƚŚĞ'ƌŽƵƉůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮρ͕ĂƌĞŶŽƚĨĂŝƌůLJƉƌĞƐĞŶƚĞĚĂŶĚŶŽƚƉƌĞƉĂƌĞĚ͕
ŝŶĂůůŵĂƚĞƌŝĂůƌĞƐƉĞĐƚƐ͕ŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE^ƐŝƐƐƵĞĚďLJƚŚĞyZ͘
^ĐŽƉĞŽĨ ĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚ
tĞŚĂǀĞƵŶĚĞƌƚĂŬĞŶĂƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŽǀĞƌƚŚĞĨŽůůŽǁŝŶŐ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐŽŶƉĂŐĞƐ ϭΘƚŽϮϬ͖ĂŶĚ
ƉƉĞŶĚŝdžKŶĞƉĂŐĞƐϮϯƚŽϮρŽĨƚŚĞ'ƌŽƵƉůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮρ͗
Subject matter: ‘Selected Scope 1 and 2 disclosures’ZĞĨĞƌĞŶĐĞ
','ĞŵŝƐƐŝŽŶƐ͗ŐƌŽƐƐĞŵŝƐƐŝŽŶƐŝŶŵĞƚƌŝĐƚŽŶŶĞƐŽĨĂƌďŽŶĚŝŽdžŝĚĞĞƋƵŝǀĂůĞŶƚ;‘K
Ϯ
Ğ’Ϳ͕ĐůĂƐƐŝĨŝĞĚĂƐ͗
• ^ĐŽƉĞϭ
• ^ĐŽƉĞϮ;ĐĂůĐƵůĂƚĞĚƵƐŝŶŐƚŚĞůŽĐĂƚŝŽŶͲďĂƐĞĚŵĞƚŚŽĚͿ
WĂŐĞϮϬ
ĚĚŝƚŝŽŶĂůƌĞƋƵŝƌĞŵĞŶƚƐĨŽƌƚŚĞĚŝƐĐůŽƐƵƌĞŽĨŐƌŽƐƐ','ĞŵŝƐƐŝŽŶƐƉĞƌƉĂƌĂŐƌĂƉŚϮκ;ĂͿƚŽ;ĚͿŽĨ
ŽƚĞĂƌŽĂEĞǁĞĂůĂŶĚůŝŵĂƚĞ^ƚĂŶĚĂƌĚϭ͗ůŝŵĂƚĞ ͲƌĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐ(‘E^ϭ’)͕ďĞŝŶŐ ͗
• dŚĞƐƚĂƚĞŵĞŶƚĚĞƐĐƌŝďŝŶŐƚŚĂƚthe Group’s','ĞŵŝƐƐŝŽŶƐŚĂǀĞďĞĞŶŵĞĂƐƵƌĞĚŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚ/^KϭκϬςκͲϭ'ƌĞĞŶŚŽƵƐĞŐĂƐĞƐ–WĂƌƚϭ͗^ƉĞĐŝĨŝĐĂƚŝŽŶ
ǁŝƚŚŐƵŝĚĂŶĐĞĂƚƚŚĞŽƌŐĂŶŝƐĂƚŝŽŶůĞǀĞůĨŽƌƋƵĂŶƚŝĨŝĐĂƚŝŽŶĂŶĚƌĞƉŽƌƚŝŶŐŽĨŐƌĞĞŶŚŽƵƐĞŐĂƐ
ĞŵŝƐƐŝŽŶƐĂŶĚƌĞŵŽǀĂůƐ(‘/^KϭκϬςκͲϭ͗ϮϬϭΘ’) and the 'ƌĞĞŶŚŽƵƐĞ'ĂƐWƌŽƚŽĐŽů͗ŽƌƉŽƌĂƚĞ
ĐĐŽƵŶƚŝŶŐĂŶĚZĞƉŽƌƚŝŶŐ^ƚĂŶĚĂƌĚ;ZĞǀŝƐĞĚ ĚŝƚŝŽŶͿ(the ‘','WƌŽƚŽĐŽů’), ƚŽƚŚĞĞdžƚĞŶƚƚŚŝƐ
ƉĞƌƚĂŝŶƐƚŽ^ĐŽƉĞϭĂŶĚϮ',' ĞŵŝƐƐŝŽŶƐ ͖
• dŚĞƐƚĂƚĞŵĞŶƚƚŚĂƚƚŚĞ','ĞŵŝƐƐŝŽŶƐĐŽŶƐŽůŝĚĂƚŝŽŶĂƉƉƌŽĂĐŚƵƐĞĚŝƐŽƉĞƌĂƚŝŽŶĂůĐŽŶƚƌŽů͕ƚŽ
ƚŚĞĞdžƚĞŶƚƚŚŝƐƉĞƌƚĂŝŶƐƚŽ^ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐ͖ĂŶĚ
• ^ŽƵƌĐĞƐŽĨ^ĐŽƉĞϭĂŶĚϮ','emission factors and the global warming potential (‘'tW’)
ƌĂƚĞƐƵƐĞĚŽƌĂƌĞĨĞƌĞŶĐĞƚŽƚŚĞ'tWƐŽƵƌĐĞ͘
WĂŐĞϭΘ
ŝƐĐůŽƐƵƌĞƐƌĞůĂƚŝŶŐƚŽ^ĐŽƉĞϭĂŶĚϮ','ĞŵŝƐƐŝŽŶƐŵĞƚŚŽĚƐ͕ĂƐƐƵŵƉƚŝŽŶƐĂŶĚĞƐƚŝŵĂƚŝŽŶ
ƵŶĐĞƌƚĂŝŶƚLJƉĞƌƉĂƌĂŐƌĂƉŚƐρϮƚŽρκŽĨŽƚĞĂƌŽĂEĞǁĞĂůĂŶĚůŝŵĂƚĞ^ƚĂŶĚĂƌĚϯ͗'ĞŶĞƌĂů
ZĞƋƵŝƌĞŵĞŶƚƐĨŽƌůŝŵĂƚĞͲƌĞůĂƚĞĚŝƐĐůŽƐƵƌĞƐ(‘E^ϯ’):
• ĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞŵĞƚŚŽĚƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĐĂůĐƵůĂƚĞŽƌĞƐƚŝŵĂƚĞ^ĐŽƉĞϭĂŶĚϮ
','ĞŵŝƐƐŝŽŶƐ͕ĂŶĚƚŚĞůŝŵŝƚĂƚŝŽŶƐŽĨƚŚŽƐĞŵĞƚŚŽĚƐ͘
• Description of any uncertainties relevant to the Group’s quantification of its Scope 1 and 2
','ĞŵŝƐƐŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞƐĞƵŶĐĞƌƚĂŝŶƚŝĞƐŽŶĚŝƐĐůŽƐƵƌĞƐ͘
ƉƉĞŶĚŝdžKŶĞ
ƉĂŐĞƐ ϮϯƚŽϮρ
tĞŚĂǀĞƵŶĚĞƌƚĂŬĞŶĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŽǀĞƌƚŚĞĨŽůůŽǁŝŶŐ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐŽŶƉĂŐĞƐϭΘƚŽϮϬ͕ĂŶĚ
ƉƉĞŶĚŝdžKŶĞƉĂŐĞƐϮϯƚŽϮρŽĨƚŚĞ'ƌŽƵƉ ůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚϯϬ:ƵŶĞϮϬϮρ͗
Subject matter: ‘Selected Scope 3 disclosures’ZĞĨĞƌĞŶĐĞ
','ĞŵŝƐƐŝŽŶƐ͗ŐƌŽƐƐĞŵŝƐƐŝŽŶƐŝŶŵĞƚƌŝĐƚŽŶŶĞƐŽĨK
Ϯ
ĞĐůĂƐƐŝĨŝĞĚĂƐ͗
• ^ĐŽƉĞϯ
WĂŐĞϮϬ
ĚĚŝƚŝŽŶĂůĚŝƐĐůŽƐƵƌĞƐƉĞƌƉĂƌĂŐƌĂƉŚϮκ;ĂͿƚŽ;ĚͿŽĨE^ϭƚŚĂƚƌĞůĂƚĞƐƚŽ^ĐŽƉĞϯ','ĞŵŝƐƐŝŽŶƐ͗WĂŐĞƐϭΘƚŽϭε
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETSDELOITTE ASSURANCE REPORT
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 26
APPENDIX
• dŚĞƐƚĂƚĞŵĞŶƚĚĞƐĐƌŝďŝŶŐƚŚĂƚthe Group’s','ĞŵŝƐƐŝŽŶƐŚĂǀĞďĞĞŶŵĞĂƐƵƌĞĚŝŶ
ĂĐĐŽƌĚĂŶĐĞǁŝƚŚƚŚĞ/^KϭκϬςκͲϭ͗ϮϬϭΘĂŶĚƚŚĞ','WƌŽƚŽĐŽů͕ƚŽƚŚĞĞdžƚĞŶƚƚŚŝƐƉĞƌƚĂŝŶƐƚŽ
^ĐŽƉĞϯ ','ĞŵŝƐƐŝŽŶƐ͖
• dŚĞ ƐƚĂƚĞŵĞŶƚƚŚĂƚƚŚĞ','ĞŵŝƐƐŝŽŶƐĐŽŶƐŽůŝĚĂƚŝŽŶĂƉƉƌŽĂĐŚƵƐĞĚŝƐ ŽƉĞƌĂƚŝŽŶĂůĐŽŶƚƌŽů͕ƚŽ
ƚŚĞĞdžƚĞŶƚƚŚŝƐƉĞƌƚĂŝŶƐƚŽ^ĐŽƉĞϯ',' ĞŵŝƐƐŝŽŶƐ͖
• ^ŽƵƌĐĞƐŽĨ^ĐŽƉĞϯĞŵŝƐƐŝŽŶĨĂĐƚŽƌƐĂŶĚƚŚĞ'tWƌĂƚĞƐƵƐĞĚŽƌĂƌĞĨĞƌĞŶĐĞƚŽƚŚĞ'tW
ƐŽƵƌĐĞ͖ĂŶĚ
• dŚĞƐƵŵŵĂƌLJŽĨƐƉĞĐŝĨŝĐĞdžĐůƵƐŝŽŶƐŽĨƐŽƵƌĐĞƐŽĨ^ĐŽƉĞϯ ','ĞŵŝƐƐŝŽŶƐ͕ŝŶĐůƵĚŝŶŐĨĂĐŝůŝƚŝĞƐ͕
ŽƉĞƌĂƚŝŽŶƐŽƌĂƐƐĞƚƐǁŝƚŚĂũƵƐƚŝĨŝĐĂƚŝŽŶĨŽƌƚŚĞŝƌĞdžĐůƵƐŝŽŶ͘
ŝƐĐůŽƐƵƌĞƐƌĞůĂƚŝŶŐƚŽ^ĐŽƉĞϯ','ĞŵŝƐƐŝŽŶƐŵĞƚŚŽĚƐ͕ĂƐƐƵŵƉƚŝŽŶƐĂŶĚĞƐƚŝŵĂƚŝŽŶƵŶĐĞƌƚĂŝŶƚLJƉĞƌ
ƉĂƌĂŐƌĂƉŚρϮƚŽρκŽĨE^ϯ͗
• ĞƐĐƌŝƉƚŝŽŶŽĨƚŚĞŵĞƚŚŽĚƐĂŶĚĂƐƐƵŵƉƚŝŽŶƐƵƐĞĚƚŽĐĂůĐƵůĂƚĞŽƌĞƐƚŝŵĂƚĞ^ĐŽƉĞϯ','
ĞŵŝƐƐŝŽŶƐ͕ĂŶĚƚŚĞůŝŵŝƚĂƚŝŽŶƐŽĨƚŚŽƐĞŵĞƚŚŽĚƐ͘
• Description of uncertainties relevant to the Group’s quantification of its Scope 3 GHG
ĞŵŝƐƐŝŽŶƐ͕ŝŶĐůƵĚŝŶŐƚŚĞĞĨĨĞĐƚƐŽĨƚŚĞƐĞƵŶĐĞƌƚĂŝŶƚŝĞƐŽŶĚŝƐĐůŽƐƵƌĞƐ͘
ƉƉĞŶĚŝdžKŶĞ
ƉĂŐĞƐ ϮϯƚŽϮρ
KƵƌĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚĚŽĞƐŶŽƚĞdžƚĞŶĚƚŽĂŶLJŽƚŚĞƌŝŶĨŽƌŵĂƚŝŽŶŝŶĐůƵĚĞĚ͕ŽƌƌĞĨĞƌƌĞĚƚŽ͕ŝŶƚŚĞ'ƌŽƵƉ ůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐ
ŽŶƉĂŐĞƐ ϬϭƚŽϭϳ͕ϮϭƚŽϮϮŽƌƚŚĞŶŶƵĂůZĞƉŽƌƚ͘tĞŚĂǀĞŶŽƚƉĞƌĨŽƌŵĞĚĂŶLJƉƌŽĐĞĚƵƌĞƐǁŝƚŚƌĞƐƉĞĐƚƚŽƚŚĞĞdžĐůƵĚĞĚ
ŝŶĨŽƌŵĂƚŝŽŶĂŶĚ͕ƚŚĞƌĞĨŽƌĞ͕ŶŽĐŽŶĐůƵƐŝŽŶŝƐĞdžƉƌĞƐƐĞĚŽŶŝƚ͘
KƚŚĞƌ ŵĂƚƚĞƌ–ĐŽŵƉĂƌĂƚŝǀĞŝŶĨŽƌŵĂƚŝŽŶ
dŚĞĐŽŵƉĂƌĂƚŝǀĞ','ĚŝƐĐůŽƐƵƌĞƐ;ƚŚĂƚŝƐ','ĚŝƐĐůŽƐƵƌĞƐĨŽƌƚŚĞƉĞƌŝŽĚƐĞŶĚĞĚϯϬ:ƵŶĞϮϬϮκ͕ϯϬ:ƵŶĞϮϬϮϯĂŶĚϯϬ:ƵŶĞϮϬϮϮͿ
ŚĂǀĞŶŽƚďĞĞŶƚŚĞƐƵďũĞĐƚŽĨĂŶĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚƵŶĚĞƌƚĂŬĞŶŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚEĞǁĞĂůĂŶĚ^ƚĂŶĚĂƌĚŽŶƐƐƵƌĂŶĐĞ
ŶŐĂŐĞŵĞŶƚƐϭ͗ƐƐƵƌĂŶĐĞ ŶŐĂŐĞŵĞŶƚƐŽǀĞƌ'ƌĞĞŶŚŽƵƐĞ'ĂƐ ŵŝƐƐŝŽŶƐŝƐĐůŽƐƵƌĞƐ(‘E^ ϭ’). These disclosures are not
ĐŽǀĞƌĞĚďLJŽƵƌĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶ͘
KƚŚĞƌŵĂƚƚĞƌ–ƐĞƉĂƌĂƚĞ',' ŵŝƐƐŝŽŶƐ/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ
dŚĞ'ƌŽƵƉŚĂƐĂůƐŽƉƌĞƉĂƌĞĚĂ',' ŵŝƐƐŝŽŶƐ/ŶǀĞŶƚŽƌLJZĞƉŽƌƚĨŽƌƚŚĞLJĞĂƌĞŶĚĞĚ ϯϬ:ƵŶĞϮϬϮρ(the ‘','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚ’)
ǁŚŝĐŚŝŶĐůƵĚĞƐ','ĞŵŝƐƐŝŽŶƐŝŶĨŽƌŵĂƚŝŽŶĚŝƐĐůŽƐĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚƌĞƋƵŝƌĞŵĞŶƚƐŽĨƚŚĞ',' WƌŽƚŽĐŽůĂŶĚ/^KϭκϬςκͲ
ϭ͗ϮϬϭΘ͘tĞŚĂǀĞƉĞƌĨŽƌŵĞĚĂƐĞƉĂƌĂƚĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚ/ŶƚĞƌŶĂƚŝŽŶĂů^ƚĂŶĚĂƌĚŽŶƐƐƵƌĂŶĐĞ
ŶŐĂŐĞŵĞŶƚƐ;EĞǁĞĂůĂŶĚͿϯκϭϬ͗ƐƐƵƌĂŶĐĞ ŶŐĂŐĞŵĞŶƚƐŽŶ'ƌĞĞŶŚŽƵƐĞ'ĂƐ^ƚĂƚĞŵĞŶƚƐ(‘/^ ;EͿϯκϭϬ’) issued by the XRB
ŽŶƚŚĞ','/ŶǀĞŶƚŽƌLJ ZĞƉŽƌƚ͘dŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚƚŽŐĞƚŚĞƌǁŝƚŚŽƵƌƐĞƉĂƌĂƚĞĂƐƐƵƌĂŶĐĞƌĞƉŽƌƚŝƐĂǀĂŝůĂďůĞĂƚ
ŚƚƚƉƐ͗ͬͬŝŶǀĞƐƚŽƌƐ͘ǁŝŶƚŽŶ͘ŶnjͬŝŶǀĞƐƚŽƌͲĐĞŶƚƌĞͬ ͘
Director’s ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐĨŽƌƚŚĞ^ĞůĞĐƚĞĚ ','ŝƐĐůŽƐƵƌĞƐ
dŚĞ ŝƌĞĐƚŽƌƐĂƌĞƌĞƐƉŽŶƐŝďůĞĨŽƌƚŚĞƉƌĞƉĂƌĂƚŝŽŶĂŶĚĨĂŝƌƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ^ĞůĞĐƚĞĚ ',' ŝƐĐůŽƐƵƌĞƐŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE
^Ɛ͕ǁŚŝĐŚŝŶĐůƵĚĞƐĚĞƚĞƌŵŝŶŝŶŐĂŶĚĚŝƐĐůŽƐŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞƐƚĂŶĚĂƌĚŽƌƐƚĂŶĚĂƌĚƐƵƐĞĚƚŽŵĞĂƐƵƌĞthe Group’s','
ĞŵŝƐƐŝŽŶƐ͘dŚŝƐƌĞƐƉŽŶƐŝďŝůŝƚLJŝŶĐůƵĚĞƐƚŚĞĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂƚŝŽŶĂŶĚŵĂŝŶƚĞŶĂŶĐĞŽĨŝŶƚĞƌŶĂůĐŽŶƚƌŽůƐƌĞůĞǀĂŶƚƚŽƚŚĞ
ƉƌĞƉĂƌĂƚŝŽŶŽĨ^ĞůĞĐƚĞĚ ',' ŝƐĐůŽƐƵƌĞƐƚŚĂƚĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͘
/ŶŚĞƌĞŶƚ ƵŶĐĞƌƚĂŝŶƚLJŝŶƉƌĞƉĂƌŝŶŐ^ĞůĞĐƚĞĚ','ŝƐĐůŽƐƵƌĞƐ
EŽŶ ͲĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͕ƐƵĐŚĂƐƚŚĂƚŝŶĐůƵĚĞĚŝŶƚŚĞ'ƌŽƵƉůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐ͕ŝƐƐƵďũĞĐƚƚŽŵŽƌĞŝŶŚĞƌĞŶƚůŝŵŝƚĂƚŝŽŶƐƚŚĂŶ
ĨŝŶĂŶĐŝĂůŝŶĨŽƌŵĂƚŝŽŶ͕ŐŝǀĞŶďŽƚŚŝƚƐŶĂƚƵƌĞĂŶĚƚŚĞŵĞƚŚŽĚƐƵƐĞĚĂŶĚĂƐƐƵŵƉƚŝŽŶƐĂƉƉůŝĞĚŝŶĚĞƚĞƌŵŝŶŝŶŐ͕ĐĂůĐƵůĂƚŝŶŐĂŶĚ
ƐĂŵƉůŝŶ ŐŽƌĞƐƚŝŵĂƚŝŶŐƐƵĐŚŝŶĨŽƌŵĂƚŝŽŶ͘^ƉĞĐŝĨŝĐĂůůLJ͕ĂƐĚŝƐĐƵƐƐĞĚŽŶƉĂŐĞϭΘŽĨƚŚĞ'ƌŽƵƉ ůŝŵĂƚĞ^ƚĂƚĞŵĞŶƚƐ͕','
ƋƵĂŶƚŝĨŝĐĂƚŝŽŶŝƐƐƵďũĞĐƚƚŽŝŶŚĞƌĞŶƚƵŶĐĞƌƚĂŝŶƚLJďĞĐĂƵƐĞŽĨŝŶĐŽŵƉůĞƚĞƐĐŝĞŶƚŝĨŝĐŬŶŽǁůĞĚŐĞƵƐĞĚƚŽĚĞƚĞƌŵŝŶĞĞŵŝƐƐŝŽŶƐĨĂĐƚŽƌƐ
ĂŶĚƚŚĞǀĂůƵĞƐŶĞĞĚĞĚƚŽĐŽŵďŝŶĞĞŵŝƐƐŝŽŶƐŽĨĚŝĨĨĞƌĞŶƚŐĂƐĞƐ͘
ƐƚŚĞƉƌŽĐĞĚƵƌĞƐƉĞƌĨŽƌŵĞĚĨŽƌƚŚŝƐĞŶŐĂŐĞŵĞŶƚĂƌĞŶŽƚƉĞƌĨŽƌŵĞĚĐŽŶƚŝŶƵŽƵƐůLJƚŚƌŽƵŐŚŽƵƚƚŚĞƌĞůĞǀĂŶƚƉĞƌŝŽĚĂŶĚƚŚĞ
procedures performed in respect of the Group’s compliance with NZ CSs are undertaken on a test basis, our assurance
ĞŶŐĂŐĞŵĞŶƚĐĂŶŶŽƚďĞƌĞůŝĞĚŽŶƚŽĚĞƚĞĐƚĂůůŝŶƐƚĂŶĐĞƐǁŚĞƌĞƚŚĞ'ƌŽƵƉŵĂLJŶŽƚŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƚŚĞE^Ɛ͘ĞĐĂƵƐĞŽĨ
ƚŚĞƐĞŝŶŚĞƌĞŶƚůŝŵŝƚĂƚŝŽŶƐ͕ŝƚŝƐƉŽƐƐŝďůĞƚŚĂƚĨƌĂƵĚ͕ĞƌƌŽƌŽƌŶŽŶͲĐŽŵƉůŝĂŶĐĞŵĂLJŽĐĐƵƌĂŶĚŶŽƚďĞĚĞƚĞĐƚĞĚ͘
/ŶĂĚĚŝƚŝŽŶ͕ĨŽƌƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϯĚŝƐĐůŽƐƵƌĞƐǁĞŶŽƚĞƚŚĂƚĂůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝƐŶŽƚĚĞƐŝŐŶĞĚƚŽĚĞƚĞĐƚĂůů
ŝŶƐƚĂŶĐĞƐŽĨŶŽŶͲĐŽŵƉůŝĂŶĐĞǁŝƚŚƚŚĞE^Ɛ͕ĂƐŝƚŐĞŶĞƌĂůůLJĐŽŵƉƌŝƐĞƐŵĂŬŝŶŐĞŶƋƵŝƌĞƐ͕ƉƌŝŵĂƌŝůLJŽĨƚŚĞƌĞƐƉŽŶƐŝďůĞƉĂƌƚLJ͕ĂŶĚ
ĂƉƉůLJŝŶŐĂŶĂůLJƚŝĐĂůĂŶĚŽƚŚĞƌƌĞǀŝĞǁƉƌŽĐĞĚƵƌĞƐ͘
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETSDELOITTE ASSURANCE REPORT
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 27
APPENDIX
KƵƌ ƌĞƐƉŽŶƐŝďŝůŝƚŝĞƐ
KƵƌƌĞƐƉŽŶƐŝďŝůŝƚLJŝƐƚŽĞdžƉƌĞƐƐĂŶŝŶĚĞƉĞŶĚĞŶƚƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞŽƉŝŶŝŽŶŽŶƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϭĂŶĚϮĚŝƐĐůŽƐƵƌĞƐĂŶĚĂ
ůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĐŽŶĐůƵƐŝŽŶŽŶƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϯĚŝƐĐůŽƐƵƌĞƐ͕ďĂƐĞĚŽŶƚŚĞƉƌŽĐĞĚƵƌĞƐǁĞŚĂǀĞƉĞƌĨŽƌŵĞĚĂŶĚƚŚĞ
ĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚ͘
tĞĐŽŶĚƵĐƚĞĚŽƵƌĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE^ ϭĂŶĚ /^ ;EͿϯκϭϬ͕ŝƐƐƵĞĚďLJƚŚĞyZ͘dŚĞƐĞƐƚĂŶĚĂƌĚƐ
ƌĞƋƵŝƌĞƚŚĂƚǁĞƉůĂŶĂŶĚƉĞƌĨŽƌŵƚŚŝƐĞŶŐĂŐĞŵĞŶƚƚŽŽďƚĂŝŶƚŚĞŝŶƚĞŶĚĞĚůĞǀĞůŽĨĂƐƐƵƌĂŶĐĞĂďŽƵƚǁŚĞƚŚĞƌƚŚĞ^ĞůĞĐƚĞĚ','
ŝƐĐůŽƐƵƌĞƐĂƌĞĨƌĞĞĨƌŽŵŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͘
KƵƌ ŝŶĚĞƉĞŶĚĞŶĐĞĂŶĚƋƵĂůŝƚLJŵĂŶĂŐĞŵĞŶƚ
tĞŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞĂŶĚŽƚŚĞƌĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨE^ ϭ͕ǁŚŝĐŚŝƐĨŽƵŶĚĞĚŽŶĨƵŶĚĂŵĞŶƚĂů
ƉƌŝŶĐŝƉůĞƐŽĨŝŶƚĞŐƌŝƚLJ͕ŽďũĞĐƚŝǀŝƚLJ͕ƉƌŽĨĞƐƐŝŽŶĂůĐŽŵƉĞƚĞŶĐĞĂŶĚĚƵĞĐĂƌĞ͕ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJĂŶĚƉƌŽĨĞƐƐŝŽŶĂůďĞŚĂǀŝŽƵƌ͘
tĞŚĂǀĞĐŽŵƉůŝĞĚǁŝƚŚƚŚĞŝŶĚĞƉĞŶĚĞŶĐĞĂŶĚŽƚŚĞƌĞƚŚŝĐĂůƌĞƋƵŝƌĞŵĞŶƚƐŽĨE^ ϭ͕ǁŚŝĐŚŝƐĨŽƵŶĚĞĚŽŶĨƵŶĚĂŵĞŶƚĂů
ƉƌŝŶĐŝƉůĞƐŽĨŝŶƚĞŐƌŝƚLJ͕ŽďũĞĐƚŝǀŝƚLJ͕ƉƌŽĨĞƐƐŝŽŶĂůĐŽŵƉĞƚĞŶĐĞĂŶĚĚƵĞĐĂƌĞ͕ĐŽŶĨŝĚĞŶƚŝĂůŝƚLJĂŶĚƉƌŽĨĞƐƐŝŽŶĂůďĞŚĂǀŝŽƵƌ͘tĞŚĂǀĞ
ĂůƐŽĐŽŵƉůŝĞĚǁŝƚŚƚŚĞĨŽůůŽǁŝŶŐƉƌŽĨĞƐƐŝŽŶĂůĂŶĚĞƚŚŝĐĂůƐƚĂŶĚĂƌĚƐ͗
• WƌŽĨĞƐƐŝŽŶĂůĂŶĚ ƚŚŝĐĂů^ƚĂŶĚĂƌĚϭ͗/ŶƚĞƌŶĂƚŝŽŶĂůŽĚĞŽĨ ƚŚŝĐƐĨŽƌƐƐƵƌĂŶĐĞWƌĂĐƚŝƚŝŽŶĞƌƐ;ŝŶĐůƵĚŝŶŐ/ŶƚĞƌŶĂƚŝŽŶĂů
/ŶĚĞƉĞŶĚĞŶĐĞ^ƚĂŶĚĂƌĚƐͿ;EĞǁĞĂůĂŶĚͿ͖
• WƌŽĨĞƐƐŝŽŶĂůĂŶĚ ƚŚŝĐĂů^ƚĂŶĚĂƌĚϯ͗YƵĂůŝƚLJDĂŶĂŐĞŵĞŶƚĨŽƌ&ŝƌŵƐƚŚĂƚWĞƌĨŽƌŵƵĚŝƚƐŽƌZĞǀŝĞǁƐŽĨ&ŝŶĂŶĐŝĂů
^ƚĂƚĞŵĞŶƚƐ͕ŽƌKƚŚĞƌƐƐƵƌĂŶĐĞŽƌZĞůĂƚĞĚ^ĞƌǀŝĐĞƐ ŶŐĂŐĞŵĞŶƚƐǁŚŝĐŚƌĞƋƵŝƌĞƐƚŚĞĨŝƌŵƚŽĚĞƐŝŐŶ͕ŝŵƉůĞŵĞŶƚĂŶĚ
ŽƉĞƌĂƚĞĂƐLJƐƚĞŵŽĨƋƵĂůŝƚLJŵĂŶĂŐĞŵĞŶƚŝŶĐůƵĚŝŶŐƉŽůŝĐŝĞƐĂŶĚƉƌŽĐĞĚƵƌĞƐƌĞŐĂƌĚŝŶŐĐŽŵƉůŝĂŶĐĞǁŝƚŚĞƚŚŝĐĂů
ƌĞƋƵŝƌĞŵĞŶƚƐ͕ƉƌŽĨĞƐƐŝŽŶĂůƐƚĂŶĚĂƌĚƐĂŶĚĂƉƉůŝĐĂďůĞůĞŐĂůĂŶĚƌĞŐƵůĂƚŽƌLJƌĞƋƵŝƌĞŵĞŶƚƐ͖ĂŶĚ
• WƌŽĨĞƐƐŝŽŶĂůĂŶĚ ƚŚŝĐĂů^ƚĂŶĚĂƌĚκ͗ ŶŐĂŐĞŵĞŶƚYƵĂůŝƚLJZĞǀŝĞǁƐ͘
/ŶĂĚĚŝƚŝŽŶƚŽƚŚŝƐĞŶŐĂŐĞŵĞŶƚ͕ǁĞĂůƐŽƉƌŽǀŝĚĞĂƐƐƵƌĂŶĐĞŽǀĞƌƚŚĞ','/ŶǀĞŶƚŽƌLJZĞƉŽƌƚĨŽƌƚŚĞ'ƌŽƵƉ͘KƚŚĞƌƚŚĂŶŝŶŽƵƌ
ĐĂƉĂĐŝƚLJĂƐĂƐƐƵƌĂŶĐĞƉƌŽǀŝĚĞƌ͕ǁĞŚĂǀĞŶŽƌĞůĂƚŝŽŶƐŚŝƉǁŝƚŚŽƌŝŶƚĞƌĞƐƚƐŝŶƚŚĞ'ƌŽƵƉ ͕ĞdžĐĞƉƚƚŚĂƚĐĞƌƚĂŝŶƉĂƌƚŶĞƌƐĂŶĚ
ĞŵƉůŽLJĞĞƐŽĨŽƵƌĨŝƌŵĚĞĂůǁŝƚŚƚŚĞ'ƌŽƵƉ ŽŶŶŽƌŵĂůƚĞƌŵƐǁŝƚŚŝŶƚŚĞŽƌĚŝŶĂƌLJĐŽƵƌƐĞŽĨƚƌĂĚŝŶŐĂĐƚŝǀŝƚŝĞƐŽĨƚŚĞďƵƐŝŶĞƐƐŽĨ
ƚŚĞ 'ƌŽƵƉ ͘
ƐǁĞĂƌĞĞŶŐĂŐĞĚƚŽĨŽƌŵĂŶŝŶĚĞƉĞŶĚĞŶƚŽƉŝŶŝŽŶĂŶĚĐŽŶĐůƵƐŝŽŶŽŶƚŚĞ^ĞůĞĐƚĞĚ',' ŝƐĐůŽƐƵƌĞƐƉƌĞƉĂƌĞĚďLJƚŚĞ'ƌŽƵƉ͕ǁĞ
ĂƌĞŶŽƚƉĞƌŵŝƚƚĞĚƚŽďĞŝŶǀŽůǀĞĚŝŶƚŚĞƉƌĞƉĂƌĂƚŝŽŶŽĨƚŚĞ','ŝŶĨŽƌŵĂƚŝŽŶĂƐĚŽŝŶŐƐŽŵĂLJĐŽŵƉƌŽŵŝƐĞŽƵƌŝŶĚĞƉĞŶĚĞŶĐĞ͘
^ƵŵŵĂƌLJŽĨǁŽƌŬ ƉĞƌĨŽƌŵĞĚ
ZĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ
KƵƌƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚǁĂƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE^ ϭĂŶĚ/^ ;EͿϯκϭϬ͘dŚŝƐŝŶǀŽůǀĞƐ
ƉĞƌĨŽƌŵŝŶŐƉƌŽĐĞĚƵƌĞƐƚŽŽďƚĂŝŶĞǀŝĚĞŶĐĞĂďŽƵƚƚŚĞƋƵĂŶƚŝĨŝĐĂƚŝŽŶŽĨĞŵŝƐƐŝŽŶƐĂŶĚƌĞůĂƚĞĚŝŶĨŽƌŵĂƚŝŽŶŝŶƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϭ
ĂŶĚϮĚŝƐĐůŽƐƵƌĞƐ. The nature, timing and extent of procedures selected depend on the assurance practitioner’s judgement,
ŝŶĐůƵĚŝŶŐƚŚĞĂƐƐĞƐƐŵĞŶƚŽĨƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚ͕ǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ŝŶƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϭĂŶĚϮ
ĚŝƐĐůŽƐƵƌĞƐ͘
In making those risk assessments, we considered internal control relevant to the Group’s preparation of the Selected Scope 1
ĂŶĚϮĚŝƐĐůŽƐƵƌĞƐ͘ƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚĂůƐŽŝŶĐůƵĚĞƐ͗
• Assessing the suitability in the circumstances of Group’s use of NZ CSsĂƐƚŚĞďĂƐŝƐĨŽƌƉƌĞƉĂƌŝŶŐƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϭ
ĂŶĚϮĚŝƐĐůŽƐƵƌĞƐ͖
• ǀĂůƵĂƚŝŶŐƚŚĞĂƉƉƌŽƉƌŝĂƚĞŶĞƐƐŽĨƋƵĂŶƚŝĨŝĐĂƚŝŽŶŵĞƚŚŽĚƐĂŶĚƌĞƉŽƌƚŝŶŐƉŽůŝĐŝĞƐƵƐĞĚ͕ĂŶĚƚŚĞƌĞĂƐŽŶĂďůĞŶĞƐƐŽĨ
ĞƐƚŝŵĂƚĞƐŵĂĚĞďLJƚŚĞ'ƌŽƵƉ͖ĂŶĚ
• ǀĂůƵĂƚŝŶŐƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϭĂŶĚϮĚŝƐĐůŽƐƵƌĞƐ͘
tĞďĞůŝĞǀĞƚŚĂƚƚŚĞĞǀŝĚĞŶĐĞǁĞŚĂǀĞŽďƚĂŝŶĞĚŝƐƐƵĨĨŝĐŝĞŶƚĂŶĚĂƉƉƌŽƉƌŝĂƚĞƚŽƉƌŽǀŝĚĞĂďĂƐŝƐĨŽƌŽƵƌƌĞĂƐŽŶĂďůĞĂƐƐƵƌĂŶĐĞ
ŽƉŝŶŝŽŶ͘
>ŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞ
KƵƌůŝŵŝƚĞĚĂƐƐƵƌĂŶĐĞĞŶŐĂŐĞŵĞŶƚǁĂƐƉĞƌĨŽƌŵĞĚŝŶĂĐĐŽƌĚĂŶĐĞǁŝƚŚE^ ϭĂŶĚ/^ ;EͿϯκϭϬ͘dŚŝƐŝŶǀŽůǀĞƐĂƐƐĞƐƐŝŶŐƚŚĞ
suitability in the circumstances of Group’s use of NZ CSs as the basis for the preparation of the Selected Scope 3 disclosureƐ͕
ĂƐƐĞƐ ƐŝŶŐƚŚĞƌŝƐŬƐŽĨŵĂƚĞƌŝĂůŵŝƐƐƚĂƚĞŵĞŶƚŽĨƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϯĚŝƐĐůŽƐƵƌĞƐǁŚĞƚŚĞƌĚƵĞƚŽĨƌĂƵĚŽƌĞƌƌŽƌ͕ƌĞƐƉŽŶĚŝŶŐƚŽ
ƚŚĞĂƐƐĞƐƐĞĚƌŝƐŬƐĂƐŶĞĐĞƐƐĂƌLJŝŶƚŚĞĐŝƌĐƵŵƐƚĂŶĐĞƐ͕ĂŶĚĞǀĂůƵĂƚŝŶŐƚŚĞŽǀĞƌĂůůƉƌĞƐĞŶƚĂƚŝŽŶŽĨƚŚĞ^ĞůĞĐƚĞĚ^ĐŽƉĞϯĚŝƐĐůŽƐƵƌĞƐ͘
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETSDELOITTE ASSURANCE REPORT
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 28
APPENDIX
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETSDELOITTE ASSURANCE REPORT
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 29
APPENDIX
04 Northbrook,
Wānaka
BC
Ayrburn Lakes,
Arrowtown
04
INTRODUCTIONGOVERNANCESTRATEGYRISKMETRICS & TARGETS
CLIMATE-RELATED DISCLOSURES FY25 WINTON LAND LIMITED | 30
DELOITTE ASSURANCE REPORTAPPENDIX
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