NZX Governance Explorer

How Winton Land Limited makes money

Where WIN’s revenue went in FY2024: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. WIN company profile

How Winton Land Limited makes money — FY2024

Revenue $173.6m · EBITDA $29.5m (17.0% of revenue) · Net profit $15.7m (9.1% of revenue) · Balance date 30 June 2024

Winton Land Limited (WIN) FY2024: where revenue of $173.6m wentRevenue → EBITDA: $29.5mRevenue → Operating costs (net of other income): $144.1mEBITDA → EBIT: $26.0mEBITDA → Depreciation & amortisation: $3.5mEBIT → Net profit: $15.7mEBIT → Interest: $2.5mEBIT → Income tax: $7.8mOther items (net gain) → Income tax: $3.9mRevenue: $173.6mRevenue$173.6mEBITDA: $29.5mEBITDA$29.5mOperating costs (net of other income): $144.1m (derived)Operating costs (net ofother income)$144.1m · derivedEBIT: $26.0mEBIT$26.0mDepreciation & amortisation: $3.5mDepreciation &amortisation$3.5mOther items (net gain): $3.9m (balancing item)Other items (net gain)$3.9m · balancingNet profit: $15.7mNet profit$15.7mInterest: $2.5mInterest$2.5mIncome tax: $11.7mIncome tax$11.7m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Winton Land Limited FY2024 figures used in the chart
FY2024AmountStatusNote
Revenue$173.6mReported
Operating costs (net of other income)−$144.1mDerived *Reported operating expenses $39m do not reconcile; not used.
EBITDA$29.5mReported
Depreciation & amortisation−$3.5mReported
EBIT$26.0mReported
Interest (net finance costs)−$2.5mReported
Income tax−$11.7mReported
Other items (net gain)+$3.9mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$15.7mReported
  • * operating costs: $144.1m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($173.6m) vs the summary table ($173.6m): agree within 2%.
  • Passed: EBITDA − D&A = $26m vs reported EBIT $26m: reconciles.
  • Not met: Reported operating expenses ($39m) leave $134.6m, not EBITDA of $29.5m (gap $105.1m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $3.9m is 2.2% of revenue (limit 25%).
  • Not met: Fewer than two operating segments with revenue; shown as one Revenue figure.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 7 March 2026.

Annual report: PDF (PDF, NZX)

EBITDA bridge, FY2023 → FY2024

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

WIN EBITDA bridge FY2023 to FY2024FY2023 EBITDA: $95.6m$95.6mFY2023 EBITDARevenue change: −$37.8m−$37.8mRevenue changeCost change (derived): −$28.2m−$28.2mCost change (derived)FY2024 EBITDA: $29.5m$29.5mFY2024 EBITDA
WIN EBITDA bridge FY2023 to FY2024: figures
StepFY2023FY2024Effect on EBITDAStatus
FY2023 EBITDA$95.6m$95.6mAs charted
Revenue$211.4m$173.6m−$37.8mReported
Operating costs (net, derived)$115.8m$144.1m−$28.2mDerived: revenue − EBITDA
FY2024 EBITDA$29.5m$29.5mAs charted

$95.6m −$37.8m −$28.2m = $29.5m, which equals FY2024 EBITDA of $29.5m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2023 to FY2024

MeasureFY2023FY2024ChangeChange %
Revenue$211.4m$173.6m−$37.8m−17.9%
EBITDA$95.6m$29.5m−$66.1m−69.1%
Net profit$64.6m$15.7m−$48.9m−75.6%
EBITDA margin45.2%17.0%−28.2 pts—
Net margin30.6%9.1%−21.5 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (4 of 4 years from FY2022). The shaded line is the median of 3 other listed Real Estate operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
WIN ebitda margin by financial year, with peer median0%25%50%FY22FY23FY24FY25FY2022: WIN 28.2%; peer median 36.7% (2)FY2023: WIN 45.2%; peer median 32.1% (2)FY2024: WIN 17.0%; peer median 30.7% (2)FY2025: WIN 13.7%; peer median — (1)
EBIT margin
WIN ebit margin by financial year, with peer median0%25%50%FY22FY23FY24FY25FY2022: WIN 27.7%; peer median 32.3% (2)FY2023: WIN 44.6%; peer median 26.9% (2)FY2024: WIN 15.0%; peer median 26.4% (2)FY2025: WIN 10.3%; peer median — (1)
Net margin
WIN net margin by financial year, with peer median0%25%50%FY22FY23FY24FY25FY2022: WIN 19.8%; peer median 23.1% (2)FY2023: WIN 30.6%; peer median 19.9% (2)FY2024: WIN 9.1%; peer median 9.9% (2)FY2025: WIN 6.6%; peer median — (1)

WIN   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

WIN margins by year with peer medians
YearEBITDA margin: WIN · peer median (n)EBIT margin: WIN · peer median (n)Net margin: WIN · peer median (n)Note
FY202228.2%36.7% (2)27.7%32.3% (2)19.8%23.1% (2)
FY202345.2%32.1% (2)44.6%26.9% (2)30.6%19.9% (2)
FY202417.0%30.7% (2)15.0%26.4% (2)9.1%9.9% (2)
FY202513.7%— (1)10.3%— (1)6.6%— (1)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

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Data sourced from NZX company annual reports (income statements). Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz.

For informational purposes only. Not investment advice.

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