Winton Land Limited · NZX:WIN
Winton Land — H1 FY24 Earnings Presentation
24 slides from Winton Land's earnings presentation, Feb 20, 2024
Slide 1: Winton FY24 Interim Results
Winton FY24 Interim Results NORTHLAKE WANAKA 1. Business Update Investor Presentation 20 February 2024
Slide 2: Presenting Today
Presenting Today Chris Meehan Chief Executive Officer Jean McMahon Chief Financial Officer APARTMENTS AND COMMERCIAL 2 NORTHLAKE
Slide 3: Business Update, Financial Overview, Market and Outlook
1. Business Update 2. Financial Overview 3. Market and Outlook LAKESIDE 3 TE KAUWHATA
Slide 4: Business Update
BEACHES Business Update MATARANGI
Slide 5: H1 FY24 Summary
H1 FY24 Summary H1 FY24 H1 FY23 Half Year Half Year NZ$m Movement Ended Ended 31-Dec-23 31-Dec-22 Revenue¹ 85.6 92.8 (7.2) EBITDA² 14.2 49.7 (35.5) Profit after income tax 9.7 34.5 (24.8) Notes: 1. Revenue includes all revenue as per Note 2 in the financial statement on page 17 of the Interim Report
Slide 6: Business Highlights
Business Highlights 158 units settled to 31 December 2023 Strong pre-sale book of $409.0m continues to protect future revenues Land bank of 6,268 units¹ Unlocked land value for residential developments with 66.6% rezoned to date Continued sales across the Northbrook portfolio Resource co
Slide 7: Continued Momentum
Continued Momentum H1 FY24 delivers value for Winton. Settlements by product type H1 FY24 settlements by product Neighbourhood Units settled Units settled Movement H1 FY24 H1 FY23 16% Lakeside 78 111 (33) 2% Beaches 16 82 (66) North Ridge 9 - 9 17% Northlake 28 13 15 Launch Bay 26 13 13 65% River Te
Slide 8: Significant landbank pipeline
Significant landbank pipeline Pipeline of over 6,000 units remain to be delivered in future years. 6,000+ 600 565 553 500 449 400 300 247 200 186 171 158 100 76 - Prior FY18A FY19A FY20A FY21A FY22A FY23A H1 FY24A FY25F+ ¹ Settlements include completed communities: • Longreach – 163 units • Lakes Ed
Slide 9: Unlocking land value H1 FY24
Unlocking land value H1 FY24 Work behind the scenes continues to unlock land value through Northlake re-zoning and consents. • The plan change for the remaining portion of Stage 18 has been approved – the appeal closed in early February. This increases the yield of this stage by ~30 lots from previo
Slide 10: Significant progress onsite H1 FY24
Significant progress onsite H1 FY24 Winton development continues at pace. Launch Bay Hobsonville • Jimmy’s Point has progressed well with construction of the structure largely complete. • Show suite for Jimmy’s Point is expected to open in April 2024 to showcase the quality of the development to pro
Slide 11: Financial Overview
LAUNCH BAY Financial Overview HOBSONVILLE POINT
Slide 12: H1 FY24 Financial Performance
H1 FY24 Financial Performance Winton’s financial performance - investing for future returns. unaudited unaudited Financial Performance Statement of Financial Performance H1 FY24 H1 FY23 NZ$m (unless indicated otherwise) Half Year Ended Half Year Ended Movement 31-Dec-23 31-Dec-22 • Revenues have dec
Slide 13: H1 FY24 Financial Position
H1 FY24 Financial Position Winton commits to funding for Northbrook and Lakeside. unaudited audited Financial Position Statement of Financial Position H1 FY24 FY23 NZ$m (unless indicated otherwise) As at As at Movement 31-Dec-23 30-Jun-23 • Winton cash increases result from the timing of settlements
Slide 14: H1 FY24 Cashflows
H1 FY24 Cashflows Cash generation supports continued growth. unaudited unaudited Cashflows Statement of Cashflows H1 FY24 H1 FY23 Half Year Ended Half Year Ended NZ$m (unless indicated otherwise) Movement 31-Dec-23 31-Dec-22 • Receipts from customers are reduced in line with reduced settlements. Cas
Slide 15: H1 FY24 Dividend
H1 FY24 Dividend Winton confirms an interim dividend for H1 FY24. • The Board of Directors has declared a 0.5500 cent net dividend per share, and sits within the target range of 20-40% of distributable earnings for H1 FY24. • Winton’s dividend policy is to target an increasing distribution per share
Slide 16: Market and Outlook
AYRBURN Market and Outlook ARROWTOWN
Slide 17: Market and Outlook
Market and Outlook We remain cautious of the year ahead, despite positive indicators. We are experienced in navigating challenging market conditions. • Inflation pressures have eased but remain outside RBNZ targets of 1-3%, with annual inflation at 4.7% at December 2023. This decrease was largely dr
Slide 18: Questions
Questions
Slide 19: 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 half y
Slide 20: Winton
WINTON
Slide 21: Management Team
APPENDIX 1 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 in • Res
Slide 22: Neighbourhood Summary
APPENDIX 3 Neighbourhood Summary Winton’s 14 communities, with 13 in New Zealand and 1 in Australia. Target units remaining by type Target units Communities Location Target units1 Settled2 Pre Sold Units2 remaining1 Residential Retirement Commercial 1. Northlake Wanaka 1,005 (662) 343 72 208 128 7 2
Slide 23: Development Staging
APPENDIX 4 Development Staging A balanced staging of developments mitigates risk and provides continuity of cashflows. Target units Project Name Location remaining1 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32+ Northlake³ Wanaka 215 Lakeside Te Kauwhata 852 Launch Bay Hobsonville 39 Sunfield³ Auckla
Slide 24: Development Staging (cont.)
APPENDIX 4 Development Staging (cont.) Winton holds investment properties to benefit from annuity income. Target units Project Name Location remaining1 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31 FY32+ Northbrook Wynyard Auckland 154 Quarter Northbrook Avon Loop Christchurch 210 Northbrook Arrowtown Arr