Winton Land Limited · NZX:WIN
Winton Land — H1 FY2023 Earnings Presentation
27 slides from Winton Land's earnings presentation, Feb 22, 2023
Slide 1: Winton FY23 Interim Results Investor Presentation
WINTON FY23 INTERIM RESULTS INVESTOR PRESENTATION 22 FEBRUARY 2023 BEACHES MATARANGI
Slide 2: Presenting today
Presenting today Chris Meehan Jean McMahon Chief Executive Officer Chief Financial Officer OVATION LAUNCH BAY 2
Slide 3: Contents
Contents 1. Business Highlights and Update 2. Financial Overview 3. Guidance and Outlook AYRBURN ARROWTOWN 3
Slide 4: Business Highlights and Update
BUSINESS HIGHLIGHTS AND UPDATE LAKESIDE TE KAUWHATA
Slide 5: H1 FY23 Business Highlights
H1 FY23 Business Highlights 219 settlements at a 12.2% higher average sales price, earning $85.1m of revenue Improved Gross Margin of 46.3% Execution onsite by talented project team and contractors Significantly progressed luxury retirement living brand, Northbrook Launched premium freehol
Slide 6: Development Plan Execution
Development Plan Execution Completed and settled 219 units including residential lots, dwellings, and apartments. H1 FY23 Revenue Settled in H1 FY23 30 $ Millions 25 LAKESIDE BEACHES 20 TE KAUWHATA MATARANGI 15 10 5 0 Beaches Lakeside Launch Bay Northlake NORTHLAKE OVATION Neighbourhood Units Settle
Slide 7: Works Continued at Pace
Works Continued at Pace Progressed works on future stages, navigating supply chain shortages and poor weather conditions. H1 FY23 Northlake Wanaka Beaches Matarangi • Civil works across stage 16 are nearing completion. • Earthworks largely complete in Stages 9 to 13 with all 4 lakes in the • The rem
Slide 8: De-Risked And Well Positioned For Changing Market
De-Risked And Well Positioned For Changing Market Gross Pipeline of Pipeline Forecasted FY23 Forecasted FY23 Pre-Sales1 Existing residential Lot Revenue Pre- Development Costs Under Contract $566m Projects2 Weighting2 Sold 6,751 units 78% 97.9% 100% NORTHLAKE WANAKA Development Across FY23 Revenue R
Slide 9: Winton's Pipeline
Winton’s Pipeline Over 6,751 units remaining in the landbank pipeline from existing projects1. Pipeline from Existing Projects 6,000+ 1200 1000 800 638 600 553 449 400 Lot sales from existing projects prior to FY18A 218 200 160 171 76 219 0 Prior FY18A FY19A FY20A FY21A FY22A FY23F FY24F+ Actual uni
Slide 10: Progressed Luxury Retirement Living Vision, Northbrook
Progressed Luxury Retirement Living Vision, Northbrook Leveraging our existing expertise and capability in residential land acquisition and development to build and operate luxury later living retirement villages. Northbrook • Julian Cook, Director of Retirement, has continued to build out the North
Slide 11: Moving forward at Sunfield
Moving forward at Sunfield A forward-thinking and innovative ’15-minute community’ powered by the sun and 90% less cars. Sunfield • We are moving forward with the 50 hectares of the property, which is currently zoned future urban with a more traditional masterplan supported by current regulation, yi
Slide 12: Focused on Key Deliverables Onsite in FY23
Focused on Key Deliverables Onsite in FY23 FY23 will be a record year for Winton with 638 units forecast for delivery of which 219 units have settled with the remaining 419 units to settle in H2 FY23. Neighbourhood Units to Settle FY23 Lakeside 264 Beaches 148 North Ridge 122 Northlake 83 Launch Bay
Slide 13: Financial Overview
FINANCIAL OVERVIEW LAUNCH BAY HOBSONVILLE POINT
Slide 14: H1 FY23 Financial Performance
H1 FY23 Financial Performance Headline numbers are consistent with forecasted delivery of projects with improved gross profit margin. H1 FY23 H1 FY22 6 Months Ended 6 Months Ended NZ$m (unless indicated otherwise) 31 December 2022 31 December 2021 Movement Revenue 85.1 44.3 +40.8 Number of settled u
Slide 15: H1 FY23 Financial Performance
H1 FY23 Financial Performance Winton’s financial performance in H1 FY23 is consistent with its forecast settlement profile. Statement of Financial Performance H1 FY23 H1 FY22 6 Months Ended 6 Months Ended NZ$m (unless indicated otherwise) 31 Dec 2022 31 Dec 2021 Movement 1 1 Revenue 85.1 44.3 40.8 N
Slide 16: H1 FY23 Financial Position
H1 FY23 Financial Position Winton has historically operated with a conservative level of debt in its capital structure. Statement of Financial Position FY23 FY22 As at As at NZ$m (unless indicated otherwise) 31 Dec 2022 30 June 2022 Movement Current assets 1 1 Cash and cash equivalents 89.0 204.8 (1
Slide 17: H1 FY23 Statement of Cash Flows
H1 FY23 Statement of Cash Flows Following a successful capital raise, Winton is well positioned to execute its strategy. Statement of Cashflows FY23 FY22 6 Months 6 Months Ended NZ$m (unless indicated otherwise) Ended 31 Dec 2022 Movement 31 Dec 2023 Cash flows from operating activities 1 Receipts f
Slide 18: FY23 Dividend
FY23 Dividend Winton confirms a dividend for H1 FY23. • The Winton Board has declared a 2.0600 dividend per share for the six months ending 31 December 2022, in line with the Company’s updated dividend policy to exclude any unrealised valuation movements in investment properties. • The interim divid
Slide 19: Guidance and Outlook
GUIDANCE AND OUTLOOK NORTHLAKE WANAKA
Slide 20: Annual FY23 Guidance
Annual FY23 Guidance Winton continues to operate with confidence, reaffirming updated guidance issued on 3 February 2023. • On 3 February 2023 we updated guidance for the 12 months ending 30 June 2023. The change to guidance is driven by delivery delay of pre-sold projects attributable to heavy Janu
Slide 21: Market and Outlook
Market and Outlook In Winton’s established market-leading position, with a history of successful developments and extensive development pipeline, Winton will continue to execute its growth strategy, outperforming competitors and taking market share. • The double-digit year on year growth experienced
Slide 22: Questions
QUESTIONS QUESTIONS NORTHLAKE WANAKA
Slide 23: Appendices
NORTHBROOK WANAKA APPENDICES
Slide 24: Management Team
APPENDIX 1 Management Team PRESENTING TODAY Chris Meehan Jean McMahon Chief Executive Chief Financial Officer Officer • Founded Winton in 2009. • Over 18 years’ experience in real • Over 30 years’ real estate experience. estate, finance and investment. • Strategic and operational leadership. • Respo
Slide 25: Reconciliation of Pro Forma EBITDA
APPENDIX 2 RECONCILIATION OF PRO FORMA EBITDA A bridge summary of pro forma EBITDA and NPAT NZ$m (unless indicated otherwise) H1 FY23 H1 FY22 6 Months Ended 6 Months Ended Selected Financial Information Movement 31 Dec 2022 31 Dec 2021 Earnings before interest expense, taxation and 49.7 2.8 46.9 dep
Slide 26: 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 audited consolidated financial statements for the year e
Slide 27: Winton
WINTON BEST BY DESIGN