Winton Land Limited · NZX:WIN
Winton Land — H1 FY22 Earnings Presentation
28 slides from Winton Land's earnings presentation, Feb 24, 2022
Slide 1: Investor Presentation: Winton Half Year Results to 31 December 2021
Investor Presentation Winton Half Year Results to 31 December 2021 24 February 2022
Slide 2: Contents
Contents 1. Introduction to Winton 2. Business Highlights and Update 3. Financial Overview 4. Guidance and Outlook 5. Questions 2 Longreach, Cooks Beach
Slide 3: Management Team
Management Team PRESENTING TODAY Chris Meehan Jean McMahon Julian Cook Simon Ash Founder and Chief Financial Director of General Chief Executive Officer Officer Retirement Manager • Founded Winton in 2009 • Over 17 years’ experience in real • Over 20 years’ experience in corporate • Over 15 years’ e
Slide 4: Winton Business Overview
Winton Business Overview 1 Winton is a New Zealand based residential developer, with 28 projects across 12 communities. We have a track record of delivering premium, large scale, high return projects. We have achieved a 45% IRR on completed 2 developments to date. We buy large parcels of land not cu
Slide 5: Winton Snapshot
Winton Snapshot Residential developer with a track record of delivering premium large-scale, high return projects. Winton At A Glance Geographic Locations 45%+ IRR 28 projects and Founded in 2009 at various stages Auckland and focused on development of development across a 40%+ average 5 communities
Slide 6: Business Highlights and Update
Business Highlights and Update
Slide 7: H1 FY22 Summary
H1 FY22 Summary Headline numbers are consistent with forecasted delivery of projects and improved gross profit margin, compared to the prior period. Headline Numbers Pipeline from Existing Projects FY22 FY21 1,600 Movement 6 Months Ended 6 Months Ended 6,000+ NZ$m (unless indicated otherwise) 31 Dec
Slide 8: H1 FY22 Business Highlights
H1 FY22 Business Highlights ✓ Successfully raised $350 million in IPO and listed on the NZX and ASX. ✓ Continued to grow pre-sale book significantly, outpacing realised sales by gross c.$86m. ✓ Execution onsite has continued at pace. ✓ Launched multiple new projects throughout New Zealand. ✓ Launche
Slide 9: Continued to Increase Pre-Sales Book, Outpacing Realised Sales
Continued to Increase Pre-Sales Book, Outpacing Realised Sales Since 30 June 2021, Winton has pre-sold an additional $150m of units and settled $64m of units, increasing the pre-sales book to $738m as of 18 February 2022. Gross Pre-Sales 750 +31M 738M +119M 720M -13M 700 $ Millions 652M -51M 650 600
Slide 10: Pre-Sales Account for the Majority of Forecast Revenue
Pre-Sales Account for the Majority of Forecast Revenue Across Winton’s portfolio of 28 projects, $738m1 of properties have been pre-sold, which includes 81% of units forecast to settle by June 2023. $659 million are unconditional, with approximately 52% by value sold to NZ Government entities. FY202
Slide 11: Execution Onsite has Continued at Pace
Execution Onsite has Continued at Pace Consented and settled 128 units including residential lots and dwellings. H1 FY22 1. Northlake Wanaka • Stage 14A civils and landscaping were completed enabling 28 residential lots to be settled. • Within Stage 15; 17 residential lots and 16 dwellings were sett
Slide 12: Focused on Key Deliverables Onsite in Second Half of FY22
Focused on Key Deliverables Onsite in Second Half of FY22 H2 FY22 will see 142 residential lots at Lakeside settle and 39 apartments at The Marlborough in Launch Bay. H2 FY22 1. Lakeside Te Kauwhata • Complete and settle 142 residential lots in Stage 2A, currently awaiting titles. • Finish and hando
Slide 13: Multiple New Projects Throughout New Zealand
Multiple New Projects Throughout New Zealand Diverse range of projects launched targeting different markets. H1 FY22 1. Jimmy’s Point Launch Bay Auckland • 30 premium apartments within Launch Bay overlooking the Waitemata Harbour. 2. The Preserve Northlake Wanaka • 48 residential lots ranging from 1
Slide 14: Launched Proposal for Sustainable Community Sunfield
Launched Proposal for Sustainable Community Sunfield A forward-thinking and innovative ’15-minute community’ powered by the sun and 90% less cars. Sunfield Sunfield is an interconnected '15 minute' neighbourhood located in Papakura Auckland, where residents can work, live and play. By integrating re
Slide 15: Progressed Luxury Retirement Living Brand, Northbrook
Progressed Luxury Retirement Living Brand, Northbrook Leveraging our existing expertise and capability in residential land acquisition and development to build and operate luxury later living retirement villages. Northbrook • Assembling an experienced team to execute retirement strategy, led by ex-S
Slide 16: Financial Overview
Financial Overview
Slide 17: H1 FY22 Financial Performance
H1 FY22 Financial Performance Winton’s financial performance in H1 FY22 is consistent with its forecast settlement profile. FY22 FY21 KEY COMMENTARY Unaudited Unaudited Movement 1 Winton generates revenue from the sale of various types of property such as NZ$m (unless indicated otherwise) 6 Months E
Slide 18: Pro forma H1 FY22 Financial Performance
Pro forma H1 FY22 Financial Performance Winton’s pro forma profit after income tax reflects the strengthened profit margin on prior year. FY22 FY21 KEY COMMENTARY Unaudited Unaudited Movement 1 NZ$m (unless indicated otherwise) 6 Months Ended 6 Months Ended One-off listing and offer costs are remove
Slide 19: H1 FY22 Financial Position
H1 FY22 Financial Position Winton has historically operated with limited debt in its capital structure and does not expect that it will require long-term debt to meet its growth objectives. Statement of Financial Position FY22 FY21 Net cash as at 31 December 2021 Unaudited Audited Movement FY22 NZ$m
Slide 20: H1 FY22 Statement of Cash Flows
H1 FY22 Statement of Cash Flows Following a successful capital raise, Winton is well positioned to execute its planned strategy. Prospective Statement of Cashflows FY22 FY21 KEY COMMENTARY Unaudited Unaudited Movement 1 NZ$m (unless indicated otherwise) 6 Months Ended 6 Months Ended The decrease in
Slide 21: Guidance and Outlook
Guidance and Outlook
Slide 22: Reaffirming Guidance
Reaffirming Guidance Winton continues to operate with confidence, reaffirming forecasts in the Product Disclosure Statement (PDS) issued on 1 December 2021. • Reaffirm FY22 revenue guidance of $158.0 million revenue inline with PDS issued on 1 December 2021. • Pro forma EBITDA FY22 guidance remains
Slide 23: Market and Outlook
Market and Outlook With a solid balance sheet, a reputable and high-quality brand and a proven ability to acquire land and execute large master-planned communities, Winton is in a strong position to continue to deliver on the strategy we shared in the PDS. Complex Market Dynamic • Buoyant two years
Slide 24: Questions
Questions 24
Slide 25: Property Compendium - Appendix
Property Compendium - Appendix
Slide 26: Development Staging
Development Staging A balanced staging of developments mitigates risk and provides continuity of cashflows. Target Target development timeframe Project Name Location units remaining1 FY22 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31+ Northlake Wanaka 440 Lakeside Te Kauwhata 1,312 Launch Bay Hobsonv
Slide 27: Important Notice and Disclaimer
DISCLAIMER Important Notice and Disclaimer 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 unaudited consolidated financial statements for the six
Slide 28: WINTON
WINTON