Winton Land Limited · NZX:WIN
Winton Land — H1 2025 Earnings Presentation
24 slides from Winton Land's earnings presentation, Feb 21, 2025
Slide 1: Business Update Interim Results FY25
1. Business Update INTERIM RESULTS FY25 21 February 2025 INVESTOR PRESENTATION
Slide 2: Presenting Today
Presenting Today Chris Meehan Chief Executive Officer Jean McMahon Chief Financial Officer Northbrook Wānaka, Northlake 2
Slide 3: Business Update, Financial Overview, Market and Outlook
1. Business Update 2. Financial Overview 3. Market and Outlook Northbrook Arrowtown and Ayrburn, Arrowtown 3
Slide 4: Business Update
The Bakehouse Ayrburn, Arrowtown BUSINESS UPDATE
Slide 5: Business Highlights
Business Highlights Settled 90 units in a difficult market and very challenging economic conditions Pre-sale book of $342.0m as at 31 December 2024 Jimmy’s Point – 30 high-end waterfront apartments completed at Launch Bay Hobsonville Point ATLA Villas – 20 Townhouses completed at Northlake W
Slide 6: Significant landbank pipeline
Significant landbank pipeline Pipeline of c.6,000 units remain to be delivered in future years. c.6,000 1,200 1,000 800 600 553 565 449 400 345 247 186 171 200 76 90 - ¹ Prior FY18A FY19A FY20A FY21A FY22A FY23A FY24A HY25A FY25F+ Settlements include completed communities (Lakeside – 39, Northlake –
Slide 7: H1 FY25 Residential Settlements
RESIDENTIAL H1 FY25 Residential Settlements Settlements By Product Type Neighbourhood Units settled Units settled Movement H1 FY25 H1 FY24 22% Residential Lots Lakeside 39 78 (39) Apartments Beaches - 16 (16) 1% H1 FY25 North Ridge - 9 (9) settlements Commercial by product 59% Northlake 33 28 5 Dwel
Slide 8: Progress continues with residential development
RESIDENTIAL Progress continues with residential development North Ridge Cessnock • Preparatory works continue for planning approvals for stage 7 onwards. • Federal government has announced a $22m road upgrade between Cessnock CBD and North Ridge, improving connections and travel times which is posit
Slide 9: Northbrook Wānaka countdown to Stage One
RETIREMENT Northbrook Wānaka countdown to Stage One On target for the first residents to move in during May 2025. • Northbrook Wānaka Stage One residences are taking shape and on target for the first residents to move in during May 2025. Roofing is complete, and the windows are in, along with wall l
Slide 10: Progress of other Northbrook locations continues
RETIREMENT Progress of other Northbrook locations continues Northbrook Wynyard Quarter • Despite strong pre-sales, the construction of Northbrook Wynyard Quarter has been pushed out for c 12 months as we believe there is further opportunity for construction costs and interest costs to moderate over
Slide 11: Commercial
COMMERCIAL Winton continues to diversify our revenue streams to support future annuity income. • The renovation and refurbishment of the Cracker Bay office building is now complete. It offers premium waterfront facilities for tenants across four levels. • The last of the council approvals were recei
Slide 12: Commercial: Ayrburn
COMMERCIAL The Ayrburn masterplan has been designed to uplift the value of neighbouring Northbrook Arrowtown and Winton-owned residential land. • Positive momentum continues at Ayrburn as a multi-venue hospitality and tourism destination. • During H1 FY25, Ayrburn had a full six months of trading an
Slide 13: Financial Overview
Jimmy’s Point, Launch Bay Hobsonville Point FINANCIAL OVERVIEW
Slide 14: H1 FY25 Financial Performance
H1 FY25 Financial Performance Winton’s results reflect the struggling economic environment and a year of lower product delivery in Winton’s residential development timeline. unaudited unaudited Financial Performance Statement of Financial Performance H1 FY25 H1 FY24 NZ$m (unless indicated otherwise)
Slide 15: H1 FY25 Financial Position
H1 FY25 Financial Position Winton continues to operate with a conservative level of debt in its capital structure. unaudited audited Financial Position Statement of Financial Position FY24 FY23 NZ$m (unless indicated otherwise) As at As at Movement • Cash balances of $26.1 million at 31 December 202
Slide 16: H1 FY25 Statement of Cash Flows
H1 FY25 Statement of Cash Flows Winton maintains a steady cash position. Cashflows unaudited unaudited Statement of Cashflows H1 FY25 H1 FY24 Year Ended Year Ended NZ$m (unless indicated otherwise) Movement • Net operating cashflows increased by $9.6 million due to reduced payments to 31-Dec-24 30-J
Slide 17: Market and Outlook
Northbrook Wanaka, Northlake MARKET AND OUTLOOK
Slide 18: Market and Outlook
Market and Outlook The economic downturn is more severe than expected and has continued for longer. We remain cautious and believe New Zealand isn’t yet at the bottom of the construction cycle. Building Consents Remain Subdued Insolvencies Continue to Increase 5,400 Building consents issued¹ Liquida
Slide 19: Market and Outlook
Market and Outlook 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. Unemployment Continues to Increase, 5.1 as at December 2024 Unemployment Rate, Sep 2010 – Dec 2024 (quart
Slide 20: Market and Outlook
Market and Outlook Winton is navigating the recession as well as possible and positioning the Company optimally to benefit from an improving property cycle. • The economic downturn is more severe than expected and has continued for longer. A change in government was anticipated to be a catalyst to g
Slide 21: Questions
Beaches, Matarangi QUESTIONS
Slide 22: Winton Best By Design
WINTON BEST BY DESIGN
Slide 23: Senior Management Team
APPENDIX 1 Senior Management Team Presenting Today Chris Meehan Jean McMahon Chief Executive Officer Chief Financial Officer • Founded Winton in 2009. • Founded the Belle Property • Over 18 years’ experience in real estate, finance and investment. • Over 30 years’ real estate real estate franchise i
Slide 24: Neighbourhood Summary
APPENDIX 2 Neighbourhood Summary Winton’s 12 communities, with 11 in New Zealand and 1 in Australia. Target units remaining by type Target units Communities Location Target units1 Settled2 remaining1 Residential Retirement Commercial 1. Northlake Wanaka 1,003 (725) 278 145 131 2 2. Lakeside Te Kauwh