Winton Land Limited · NZX:WIN
Winton Land — FY2022 Earnings Presentation
57 slides from Winton Land's earnings presentation, Aug 24, 2022
Slide 1: Winton FY22 Annual Results Investor Presentation
WINTON FY22 ANNUAL RESULTS INVESTOR PRESENTATION 24 AUGUST 2022
Slide 2: Presenting today
Presenting today Chris Meehan Jean McMahon Chief Executive Officer Chief Financial Officer OVATION APARTMENTS, LAUNCH BAY 2
Slide 3: Contents
Contents 1. Business Overview 2. Business Highlights and Update 3. Financial Overview 4. Guidance and Outlook 3 NORTHLAKE, WANAKA
Slide 4: 1. Business Overview
WINTON = More eS : go = a _1. BUSINESS OVERVIEW
Slide 5: Winton Business Overview
Winton Business Overview 1 Winton is a New Zealand based residential developer, with 27 projects across 14 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 6: 2. Business Highlights and Update
2. BUSINESS HIGHLIGHTS AND UPDATE
Slide 7: FY22 Snapshot
FY22 Snapshot $159.5m 45.4% $204.8m 19.8% Revenue Gross profit Zero debt Cash and cash NPAT Up 1% on PFI margin equivalents 6,8961 80%1 of portfolio 919 Retirement Residential lots (by units) are living units 485 Total and dwellings residential lots 35 Employees targeted to be developed across 5 exi
Slide 8: FY22 Summary
FY22 Summary Headline numbers are consistent with forecasted delivery of projects with improved gross profit margin. FY22 FY22 PFI Year Ended Year Ended NZ$m (unless indicated otherwise) 30 Jun 2022 30 Jun 2022 Movement Revenue 159.5 158.0 +1.0% Number of settled units (#) 449 428 +4.9% Gross profit
Slide 9: FY22 Business Highlights
FY22 Business Highlights Successfully raised $350 million in IPO and listed on the NZX and ASX. Agreement with MaxCap to establish a $200m Medium Density Development Fund agreed August 2022. Continued to grow pre-sale book, outpacing realised sales by gross c.$11m. Execution onsite has conti
Slide 10: Winton / MaxCap NZ Fund
Winton / MaxCap NZ Fund Winton partners with leading New Zealand real estate investment manager. Winton / MaxCap Fund • Winton recently announced the establishment of the Winton / MaxCap Medium Density Development Fund. • $200m equity investment vehicle that will focus on the acquisition and constru
Slide 11: 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 $193m of units and settled $183m of units, increasing the pre-sales book to $662m as of 30 June 2022. Gross Pre-Sales 750 +119M 720M -132M 700 +74M 662M 652M -51M $ Millions 650 600 5
Slide 12: Winton's Pipeline
Winton’s Pipeline Winton delivered 449 units in FY22 with over 6,896 units remaining in the landbank pipeline. Pipeline from Existing Projects 1,200 6,000+ 1,000 766 800 600 553 449 400 Lot sales from existing projects prior to FY18A 218 200 171 160 76 0 Prior FY18A FY19A FY20A FY21A FY22A FY23F FY2
Slide 13: New Acquisitions
New Acquisitions Winton settled Avon Loop in FY22 and Wynyard Quarter in July FY23 as forecast, with additional acquisitions at Parnell and Pier 21 strengthening our portfolio. FY22 Wynyard Quarter Auckland • Located in Auckland, to be developed into a 21 luxury apartment building (The Villard Apart
Slide 14: Execution Onsite
Execution Onsite Consented and settled 449 units including residential lots, commercial lots, dwellings, townhouses and apartments. FY22 Revenue Settled in FY22 $ Millions 60 50 40 NORTHLAKE LONGREACH 30 20 10 0 Lakeside Northlake Launch Bay River Beaches North Ridge Longreach Terrace Neighbourhood
Slide 15: Works Onsite have Continued at Pace
Works Onsite have Continued at Pace Progressed works on future stages, managing supply chain shortages to ensure delivery programs stayed on track. FY22 Northlake Wanaka • Bulk earthworks for all future residential stages is complete with civil works underway across Stage 16. • Works are underway to
Slide 16: 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 • Assembling an experienced team, led by ex-Summerset CEO Julian Cook. • Ap
Slide 17: 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 Winton lodged the Sunfield Specified Development Project Application with Kainga Ora in October 2021 under the Urban Development Act 2020 legisl
Slide 18: Focused on Key Deliverables Onsite in FY23
Focused on Key Deliverables Onsite in FY23 FY23 will be a record year for Winton with 766 units forecast for delivery. Neighbourhood Units to Settle FY23 Lakeside 264 Beaches 195 Northlake 129 North Ridge 122 Launch Bay 50 River Terrace 6 Total 766 FY 23F Revenue Pre-Sold Total FY23F Revenue by Prod
Slide 19: People and Planet
People and Planet As one of New Zealand’s largest developers, we must do right by our people, customers, neighbourhoods, partners, planet and investors. Doing so adds value to our business and ensures what we do is sustainable long- term. PEOPLE PLANET Our residents Our climate resiliency Our people
Slide 20: 3. Financial Overview
3. FINANCIAL OVERVIEW
Slide 21: FY22 Financial Performance
FY22 Financial Performance Winton’s financial performance in FY22 is consistent with its forecast settlement profile. FY22 FY22 PFI1 FY21 Statement of Financial Performance Year Ended Year Ended Year Ended NZ$m (unless indicated otherwise) 30 Jun 2022 30 Jun 2022 Movement 30 Jun 2021 Movement Revenu
Slide 22: FY22 Financial Position
FY22 Financial Position Winton has historically operated with a conservative level of debt in its capital structure. Statement of Financial Position FY22 FY22 PFI1 FY21 As at As at As at NZ$m (unless indicated otherwise) 30 Jun 2022 30 Jun 2022 Movement 30 Jun 2021 Movement Current assets Cash and c
Slide 23: FY22 Statement of Cash Flows
FY22 Statement of Cash Flows Following a successful capital raise, Winton is well positioned to execute its strategy. Statement of Cashflows FY22 FY22 PFI1 FY21 Year Ended Year Ended Year Ended NZ$m (unless indicated otherwise) Movement Movement 30 Jun 2022 30 Jun 2022 30 Jun 2021 Cash flows from op
Slide 24: FY22 Dividend
FY22 Dividend Winton confirms a dividend for FY22 in line with forecast. • The Board of Directors has declared a 1.0700 cent dividend per share. This is in line with expectations as set out in the PDS. • Winton’s dividend policy is to target an increasing distribution per share over time within a pa
Slide 25: 4. Guidance and Outlook
4. GUIDANCE AND OUTLOOK
Slide 26: Reaffirming Guidance
Reaffirming Guidance Winton continues to operate with confidence, reaffirming forecasts in the Product Disclosure Statement (PDS) issued on 1 December 2021. • Reaffirm FY23 revenue guidance of $344.7 million revenue inline with PDS issued on 1 December 2021. • Pro forma EBITDA FY23 guidance remains
Slide 27: 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 28: Questions
QUESTIONS
Slide 29: Appendices
APPENDICES
Slide 30: 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 31: Reconciliation of Pro Forma EBITDA
APPENDIX 2 RECONCILIATION OF PRO FORMA EBITDA A bridge summary of pro forma EBITDA and NPAT All values in $000’s FY22 FY22 PFI FY21 Year Ended Year Ended Year Ended Selected Financial Information Movement Movement 30 Jun 2022 30 Jun 2022 30 Jun 2021 Earnings before interest expense, taxation and 44,
Slide 32: Development Staging
APPENDIX 3 Development Staging A balanced staging of developments mitigates risk and provides continuity of cashflows. Target Project Name Location units remaining1 FY23 FY24 FY25 FY26 FY27 FY28 FY29 FY30 FY31+ Northlake Wanaka 427 Lakeside Te Kauwhata 1,128 Launch Bay Hobsonville 301 Sunfield Auckl
Slide 33: Property compendium – Residential summary
APPENDIX 4 Property compendium – Residential summary Unsettled Pre-sold ($m) % of unsettled lots Settlement Project Location units1 incl. GST2 pre-sold (by value)2 period1 Northlake: Residential Land Wanaka 203 54 37% FY23-FY26 Northlake: Dwellings Wanaka 28 24 100% FY23 Northlake: Townhouses Wanaka
Slide 34: Property compendium – Retirement summary
APPENDIX 4 Property compendium – Retirement summary Project Location Uncompleted units (#units)1 Settlement period1 Northbrook: Wanaka Wanaka 134 FY24-FY26 Northbrook: Launch Bay Hobsonville 221 FY25-FY27 Northbrook: Wynyard Quarter Auckland 150 FY27 Northbrook: Avon Loop Christchurch 212 FY25-FY26
Slide 35: Property compendium – Northlake overview
APPENDIX 4 Property compendium (cont.) Northlake overview Overview • Northlake is a master planned residential community located on a 108 hectare parcel of land. This property was rezoned to residential in December 2015. Description • Northlake is located a few minutes’ drive from the Wanaka town ce
Slide 36: Property compendium – Northlake Residential Land and Dwellings
APPENDIX 4 Property compendium (cont.) Northlake Residential Land Overview • 462 residential lots have been developed and settled as at 30 June 2022. • Bulk earthworks for all future residential stages is complete with civil works underway across Stage 16. Description • Civil works associated with S
Slide 37: Property compendium – Northlake Townhouses and Apartments
APPENDIX 4 Property compendium (cont.) Northlake Townhouses Overview • 27 two-level townhouses are to be constructed adjacent to the Northlake Village Centre. Description • To be a ‘high end’ product when compared to the Northlake dwellings. • Works onsite are progressing on programme. • Concrete sl
Slide 38: Property compendium – Northbrook Wanaka
APPENDIX 4 Property compendium (cont.) Northbrook Wanaka Overview • A 134-unit retirement village consisting of 100 independent units and 34 care suites, a clubhouse and amenity building for social and active recreation and a main entry building with offices, staff room, kitchen, and back of house f
Slide 39: Property compendium – Lakeside Overview
APPENDIX 4 Property compendium (cont.) Lakeside Overview Overview • Lakeside comprises a 179 hectare parcel of waterfront development land located within the heart of the “Golden Triangle” of Auckland, Hamilton and Tauranga and within the identified “Strategic Growth Node” which is the Description A
Slide 40: Property compendium – Lakeside Residential
APPENDIX 4 Property compendium (cont.) Lakeside Residential Overview • All lead in infrastructure, earthworks and civil works for Stages 1 and 2 including the school site and the Lakeside Village Centre are complete. The earthworks consent has been granted for all stages. • All Stage 1 residential l
Slide 41: Property compendium – Launch Bay Overview
APPENDIX 4 Property compendium (cont.) Launch Bay Overview Overview • The Launch Bay precinct in Hobsonville (Auckland) has been designed around an historic parade oval which forms the centrepiece of the project, along with four heritage officers’ houses and an historic seaplane hangar. • A ferry se
Slide 42: Property compendium – The Ovation
APPENDIX 4 Property compendium (cont.) The Ovation Overview • A development consisting of a six-storey apartment building and two townhouses. Located on the edge of the Launch Bay precinct overlooking the Waitemata Harbour. Description • A mix of one, two and three bedroom ‘high end’ apartment units
Slide 43: Property compendium – Jimmy's Point and Northbrook Launch Bay
APPENDIX 4 Property compendium (cont.) Launch Bay Jimmy’s Point Overview • A development consisting of a six-storey apartment building of 30 units. Located above the Jimmy’s Point Reserve, the development enjoys views of the Waitemata Harbour and beyond. Description • A mix of studio, one, two and t
Slide 44: Property compendium – Sunfield Overview
APPENDIX 4 Property compendium (cont.) Sunfield Overview • Winton has contracted to purchase a 200 hectares parcel of land located in Ardmore in the south of Auckland. • Sunfield sits between the rapidly urbanising and expanding neighbourhoods of Takanini and Papakura, with Ardmore Airport to the ea
Slide 45: Property compendium – Sunfield Concept Plan
APPENDIX 4 Property compendium (cont.) Sunfield Concept Plan 45
Slide 46: Property compendium – Northbrook Wynyard Quarter
APPENDIX 4 Property compendium (cont.) Northbrook Wynyard Quarter Overview • A ~150-unit retirement village consisting of ~101 independent units, ~22 serviced apartments and ~27 care suites, a clubhouse and amenity building for social and active recreation and a main entry building with offices, sta
Slide 47: Property compendium – Northbrook Avon Loop
APPENDIX 4 Property compendium (cont.) Northbrook Avon Loop Overview • A ~212-unit retirement village consisting of ~160 independent units, ~20 serviced apartments and ~32 care suites, a clubhouse and amenity building for social and active recreation and a main entry building with offices, staff roo
Slide 48: Property compendium – Northbrook Arrowtown
APPENDIX 4 Property compendium (cont.) Northbrook Arrowtown Overview • Northbrook Arrowtown comprises an approximately 15 hectare parcel of development land located in Arrowtown, next to the Millbrook resort and alongside a spectacular waterfall and creek. • A ~202-unit retirement village consisting
Slide 49: Property compendium – Ayrburn Farm Overview
APPENDIX 4 Property compendium (cont.) Ayrburn Farm Overview Overview • Ayrburn Farm comprises an approximately 42 hectare parcel of development land. • Located in the heart of the growing Arrowtown and Lake Hayes basin, Ayrburn Farm enjoys picturesque scenery set amongst a historic and enchanting l
Slide 50: Property compendium – Ayrburn Farm Residential
APPENDIX 4 Property compendium (cont.) Ayrburn Farm Residential Overview • A district plan review process is currently underway to rezone the land from rural to Wakatipu Basin Lifestyle Precinct. Under the Lifestyle Precinct outcome this would enable approximately 28 rural lifestyle lots Description
Slide 51: Property compendium – Beaches Residential Lots
APPENDIX 4 Property compendium (cont.) Beaches Residential Lots Overview • Matarangi is a popular tourist town on the Coromandel Peninsula. • Stages 3 and 4 are complete and settled. • Stages 5 to 13 are consented with works underway due for settlement in FY23. Description • All future stages are co
Slide 52: Property compendium – North Ridge Residential Lots
APPENDIX 4 Property compendium (cont.) North Ridge Residential Lots Overview • North Ridge comprises a circa 121 hectare parcel of development land located in Bellbird, a suburb of Cessnock in the heart of the Hunter Valley, circa 150km, two hours’ drive north of the Sydney CBD. • The site comprises
Slide 53: Property compendium – River Terrace and Parnell
APPENDIX 4 Property compendium (cont.) River Terrace Residential Lots and Dwellings Overview • Subdivision consent has been obtained for 17 large lifestyle blocks sized between 1.3-3.9 hectares. • All civil works have been completed on the 17 lifestyle blocks. Description • Two dwellings are being c
Slide 54: Property Compendium – Bridesdale Farm
APPENDIX 4 Property Compendium (cont.) Bridesdale Farm Residential Lots Overview • Bridesdale Farm is a residential master planned community located in Lake Hayes Estate, Queenstown. • Following the acquisition of the property in May 2015, the large majority of the property was rezoned for residenti
Slide 55: Property Compendium – Pier 21
APPENDIX 4 Property Compendium (cont.) Pier 21 Overview • 1.2-hectare block within Wynyard Quarter located on Westhaven Drive, Auckland. • Comprises office building, dry stack storage, marina business and retail. Description • In addition to the commercial rationale of the acquisition, the site offe
Slide 56: 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 57: Winton
WINTON BEST BY DESIGN